GIBSON CITY, Ill. (WCIA) — A new state bill is aiming to keep family farms in the family.
The Senate bill would raise the tax exemption to give farmers flexibility to pass on their farms to members of their family. It would raise the exemption from $4 million to $6 million.
Sen. Bennett honored at Gibson City Fire Department
Senator Tom Bennett (R-Gibson City) co-sponsored this bill. He said it’s important to protect farmers and their families for years to come.
“[They pour] their blood, sweat and tears into this farm for so many years. It’s part of who they are. It’s part the farm family and the farm culture,” Bennett said. “That’s why it’s so important to try and keep this going, make it strong and continue to help move this forward.”
The Illinois Farm Bureau said leadership in the capitol is on board with the bill.
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