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.