A farm’s legacy is one of its most important aspects. No matter if you are a seventh-generation farmer or beginning a career in production agriculture, passing on a farm to the next generation is important to the future. In 2023, we highlighted the statistic that 96% of Illinois farms are family owned. Illinois estate tax laws create a burden for many family farms, challenging that statistic annually.
In early February, Senator David Koehler (D-Peoria) and Rep. Sharon Chung (D-Bloomington) introduced the Family Farm Preservation Act, a bill amending the estate tax for farm families.
"Recently, my family’s farm implemented major changes due to the estate tax,” IL Corn Growers Association Vice President and farmer from Waterloo, Garrett Hawkins said. “Anything we can do to make it easier for farmers to pass on their operations to the next generation is good for farmers, rural communities and our state economy.”
The bill makes the current $4 million estate tax threshold an exemption and raises it to $6 million. The legislation changes the law so only dollars over $6 million would be taxed instead of the entire amount.
Click here to read more ilcorn.org
Photo Credit: illinois-corn-growers-association
Categories: Illinois, Government & Policy