Estate Tax Exemption 2024 Illinois State

Estate Tax Exemption 2024 Illinois State. At the state level, the exemption is $4,000,000; The illinois estate tax exemption, like the federal exemption, is a tax exemption that reduces the amount of estate taxes that must be paid.

If passed, the bill will raise the state’s estate tax exemption to $8,000,000 in 2024. Illinois continues to impose a significant estate tax, with a $4 million exemption.