When farms pass from one generation to the next, it’s not unusual for the family to have to sell off farm ground, endangering their operation, just to pay Illinois estate taxes. State Senator Tom Bennett (R-Gibson City) is co-sponsoring a bipartisan proposal designed to ease the estate tax burden for family farms, allowing them to grow and thrive through the next generation.
“This proposal is necessary to help provide stability and protect the future of small to mid-size family farms,” said Senator Bennett. “Family farms are the heart of our agricultural industry, which is the backbone of our state’s economy. They shouldn’t have to worry about losing the farm someday because of our state’s estate tax system.”
Senate Bill 2921 updates the estate tax system to raise the exemption from $4 million to $6 million. It also makes changes concerning the definition of “qualified heir” to provide that a decedent’s brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.
“This legislation will help agriculture, our farm families and all of Illinois,” added Bennett. “We can’t afford to lose another family farm simply because of our outdated inheritance tax system.”
The Illinois Farm Bureau recently hosted a press conference at their headquarters in Bloomington to show their support of the legislation. Senator Bennett attended to introduce the new bill along with a bipartisan group of other state legislators.