From the Commission on Government Forecasting and Accountability February report:
“Illinois estate tax receipts have risen sharply in recent years and are showing especially strong growth in the current fiscal year, with year-to-date collections up more than 60% compared with the same period last year…
“The Illinois Estate Tax is imposed on the transfer of property at death and is paid by a decedent’s estate prior to the distribution of assets to heirs.
“The Illinois Estate Tax is imposed on the transfer of property at death and is paid by a decedent’s estate prior to the distribution of assets to heirs.
“It is authorized under the Illinois Estate and Generation-Skipping Transfer Tax Act (35 ILCS 405/1) and applies to estates with a taxable value exceeding $4.0 million.
“The tax is graduated, with marginal rates ranging from 0% to 16%. Illinois’ exclusion amount is substantially lower than the federal exclusion, which is $15.0 million in 2026…
“While detailed information on the composition of estates paying the Illinois estate tax is limited, the recent growth in collections is consistent with the sharp rise in asset valuations over the past several years.
“In addition, prices for alternative assets such as gold and silver have risen in recent years, and for
some investors, digital assets have also appreciated, contributing modestly to higher overall estate
valuations.
