Illinois inheritance tax or inheritance tax in Illinois is no longer in existence. However, there is an estate tax applicable in the state of Illinois. The rules and regulations regarding the estate tax in Illinois are supervised by the Illinois Department of Revenue.
In the state of Illinois, a separate estate tax is imposed on the estates of deceased persons who had been residing in Illinois, as well as real properties of people who are possessing estates in Illinois, but are not residents of Illinois.
For the payment of the Federal Estate Tax in Illinois, it is mandatory to file a United States Estate Tax Return if the gross estate value under the legislations is more than $2000,000. With effect from 1st January 2003, the state of Illinois has levied a stand-alone estate tax. It is implemented side by side along with the Federal estate tax, but it has a separate existence.
The Illinois inheritance tax is not applicable to the advantages offered by GARS/JRS (Jesuit Refugee Service). An estate tax is levied if the value of the taxable estate is more than the permissible requirements for filing of estate tax returns. The tax amount is equal to the amount of permissible state death taxes credit subject to the rules and regulations of the Federal Estate Tax.
The form, which is prescribed for filing estate tax return in Illinois is known as Form 700. The Illinois estate tax is administered by the Attorney General of Illinois. The form has to be filed with the Attorney General and County Treasurer's office.
The present estate tax law in Illinois grants tax exemption for estates worth of $ 2,000,000 in the year 2006. The exemption limit for the Illinois inheritance tax is similar to that of Federal estate tax. If the taxpayer fails to pay the due tax, then he is bound to face the add-on effect of the estate tax in Illinois.
Contact Details:
Illinois Department of Revenue
Willard Ice Building
101 West Jefferson Street
Springfield, Illinois 62702
Tel: 1 800-732-8866
1 217-782-3336