BENTON – State Rep. Dave Severin (R-Benton) says the time has come to provide real, lasting tax relief for all Illinoisans.
This week, Severin announced a sweeping package of legislation aimed at cutting income taxes, reducing estate tax burdens, and extending tax credits for families who recycle and foster children.
“I believe our citizens are overtaxed and that the State of Illinois spends too much money. That’s why I’m sponsoring legislation to cut taxes and let people keep more of their hard-earned money,” Severin said. “I encourage my colleagues to sign on to co-sponsor my Severin Tax Cut package and pass it right away.”
Severin is sponsoring the following legislation:
HB 12 – Increases Illinois’ estate tax exclusion amount from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2026. Under the plan, Severin says farmers and family agriculture businesses could see relief from the state’s tax system which re-taxes assets upon the owner’s death.
HB 13 – Creates a new foster care tax credit of up to $1,000 per child per year for foster families that incur expenses related to the care of a foster child. Severin says the financial incentive should help more people seek out the opportunity to provide foster care for children in need.
HB 1202 – Creates a new tax credit for individual taxpayers of up to 100% of eligible recycling costs of up to $1,000 for expenses related to the collection, separation, conversion, or treatment of recyclable solid waste materials including (but not limited to) paper, glass, and plastic.
HB 1203 – Lowers the income tax rate for individuals, trusts, and estates from 4.95% to 4.85%. Severin says an income tax cut could help keep Illinoisans from leaving the state for friendlier taxpayer climates in neighboring states.
“Let’s cut some taxes, spend less government money, incentivize people to foster children, to recycle, and invest in their family farm,” Severin said. “Let’s keep more people and businesses in Illinois instead of having more people leave and take their jobs and our people with them. Pass the Severin Tax Cut package as soon as possible!”
