(The Center Square) – A bipartisan effort increasing the threshold for when the Illinois’ estate tax kicks in for family farms is underway.
The state’s current threshold for the so-called death tax is $4 million. Illinois Farm Bureau President Brian Duncan said the estate taxes on that when someone dies can crush a family farm.
“The unfortunate part of the farm family’s story is that the Illinois estate tax often forces family farms to sell part of their businesses every generation,” Duncan said during a news conference in Bloomington Wednesday. “Here’s the simple fact of the matter, the death of a loved one should not force families to give up the farm.”
Farmers across the state know someone or have themselves been impacted by the Illinois estate tax, Duncan said.
“Our incomes are very similar to other occupations like nurses, police officers and firefighters, but unlike people in those honorable professions, our ability to maintain an income for our family comes from the farm,” he said. “And unfortunately we’re often faced with the decision to have to sell off part of our business to meet the tax obligation.”