Illinois Estate Tax

Mark S. Mathewson (Staff Liaison, Illinois Bar Journal) recently published his article entitled Mind the Gap: Illinois Taxes Estates Over $2 Million, 99 Ill. B. J. 66 (Feb. 2011). The introduction is below:

In addition to raising the state income tax from 3 to 5 percent, the Illinois Taxpayer Accountability and Budget Stabilization Act passed by the General Assembly last month and quickly signed by Governor Quinn also reinstated Illinois’ estate tax. And it applies to smaller estates than does its federal counterpart.