Illinois lawmakers are expected to address a measure that would change the state's estate tax value from $4 million up to $12 million, according to Gov. J.B. Pritzker.
The state's estate tax kicks in when someone inherits a property or assets valued at $4 million or more, requiring the inheritance to pay a tax on the assets.
According to state data, the Attorney General's office collected more than $456 million in estate tax revenues for the fiscal year 2022.
A measure by state Sen. Dave Koehler, D-Peoria, would raise the limit from $4 million to $12 million, reducing the impact on some taxpayers.
Pritzker on Tuesday addressed the proposed change.
"That is something that will be considered in the next upcoming session, no doubt about it," Pritzker said. "It will be important to consider around that, what the effect on the state budget would be, what the effect on families would be, is that the right threshold to have for the estate tax for the state of Illinois? All of which I will take into consideration."
Lawmakers return for fall veto session in late October.
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