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Monday, November 25, 2024

Spain: 'House Republicans are committed to reforming the estate law in Illinois'

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Illinois State Rep. Ryan Spain (R-Peoria) | Ryan Spain/Facebook

Illinois State Rep. Ryan Spain (R-Peoria) | Ryan Spain/Facebook

Illinois State Rep. Ryan Spain (R-Peoria) discussed House Republicans' proposals to repeal the estate tax law or bring it into line with federal law in a July 1 update on his website.

“House Republicans are committed to reforming the estate law in Illinois," Spain said in the release. "Families shouldn’t have to choose between ending their family’s commitment to their proud heritage and paying an onerous, complicated tax which punishes family farms and small business owners." 

The difference between Illinois law and federal law is that Illinois excludes a fixed amount, the first $4 million of an estate's value, from the tax, while the federal law adjusts to inflation and currently excludes the first $12.92 million.  

In Illinois, the estate tax is administered by the state’s attorney general, and all payments, including interest and penalties, are made to the state Treasurer.  The Illinois Attorney General has a website where residents can find information and forms, as well as addresses to contact the office. One of the information sections has a link to the administrative code that covers estate taxes, including civil unions. There is also a schedule of assets and a section on prescribed returns.

In February, the Civic Committee of the Commercial Club of Chicago recommended repealing the estate tax. The group said Illinois is only one of 13 states with an estate tax, and that the state tax is charged on top of the federal estate tax. While the group advocates for full repeal, it said the state could “also consider changing the exemption level to align with federal policy.”

Republicans in Illinois aren’t the only ones looking at the estate tax. In a June 9 article, the Chicago Sun-Times reported that Senate President Don Harmon, D-Oak Park, was also intrigued by the recommendations from the Civic Committee of the Commercial Club of Chicago. “I think that the Civic Committee offers a very interesting blueprint,” Harmon told the Sun-Times. “And if, in fact, the Civic Committee can generate broad support from the business community and from Republican lawmakers, it’s absolutely worth a longer conversation.”

Spain has represented the people of the 73rd District since 2017. He made history in Peoria when he became the youngest person to serve as an at-large member of the city council in the city's history in 2007. He held that seat until the Fall of 2016, a page on his website says. Spain is the Vice President of Economic Development for OSF Healthcare System.

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