During one of the state of Illinois’ largest ever tax increases; the new public act appears to contain a nice loophole for the wealthy deceased, said a New York Estate Planning lawyer.
Earlier this year the Governor of Illinois signed into law the Public Act 096-1496, the Taxpayer Accountability and Budget Stabilization Act.
Aside from increasing state income taxes on individuals and corporations, [it] reinstated the Illinois estate tax effective January 1, 2011, with a $2,000,000 exemption.