State Representative, Dave Severin of Benton is advocating for significant tax relief for Illinois residents, declaring that the time has come to address the state’s tax burdens. This week, he unveiled a comprehensive legislative package designed to cut income taxes, alleviate estate tax pressures, and extend tax credits for families involved in recycling and foster care.
Severin’s proposed legislation includes:
HB 12: This bill seeks to increase Illinois’ estate tax exclusion from $4 million to $6 million for individuals who pass away on or after January 1, 2026. Severin highlights that this change could provide relief to farmers and family-owned agricultural businesses, which currently face re-taxation of assets upon the owner’s death.
HB 13: This legislation introduces a new foster care tax credit of up to $1,000 per child per year for foster families, aimed at offsetting expenses related to foster care. Severin believes this financial incentive will encourage more individuals to consider fostering children in need.
HB 1202: This bill proposes a tax credit for individual taxpayers covering up to 100% of eligible recycling costs, capped at $1,000. This credit would apply to expenses associated with the collection, separation, conversion, or treatment of recyclable materials, including paper, glass, and plastic.
HB 1203: This proposal lowers the income tax rate for individuals, trusts, and estates from 4.95% to 4.85%. Severin argues that reducing income taxes could prevent residents from relocating to neighboring states with more favorable tax climates.
Severin stated…. “Our citizens are overtaxed, and the State of Illinois spends too much money. That’s why I’m sponsoring legislation to cut taxes and allow people to retain more of their hard-earned income,” He is urging his colleagues to co-sponsor his Severin Tax Cut package for swift passage.
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