Legislation introduced to change Illinois estate tax
New bipartisan measures aimed at ensuring the preservation of family farms in the event of a family member’s death were announced after years of attempting to reform the Illinois Estate and Generation Transfer Tax Act.
Supported by Illinois Farm Bureau, Senate Bill 2921, introduced by State Sen. Dave Koehler, D-Peoria, and House Bill 4600, introduced by State Rep. Sharon Chung, D-Bloomington, are identical bills that if passed would change the state’s estate tax, specific to farms.
“Illinois Farm Bureau is proud to support the Family Farm Preservation Act because our policy supports the preservation of family farms and this is a bipartisan effort to keep farm families on the family farm,” said Brian Duncan, IFB president. “We are grateful and excited to see members from all four caucuses (lend their support for the legislation).”
The measures are aimed at addressing the discrepancy between escalating farm estate evaluations and annual farm income.
Consistent Egg Labels Act to Reduce Misleading Marketing
A U.S. new bill, referred to as the Consistent Egg Labels Act, could soon prevent the practice of mislabeling imitation or plant-based egg products using the term “egg.”
The bill states that food can only be labeled as an egg or egg product if the food is, contains as a primary ingredient, or is derived from the reproductive output of avian poultry species, including an albumen or yolk, that was enclosed in a calcium-based shell.
Farm Bureau Establishes 2024 National Priorities
Farm Bill Focus on gaining the passage of a five-year Farm Bill before the current temporary Farm Bill expires in September 2024. A concerted effort will be to seek its passage in the first quarter of the year.