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Jul. 15, 2025 BrownfieldAgNews reports: The president of the Illinois Farm Bureau says adjustments to the state's estate tax policy are crucial for the survival of family farms. Brian Duncan, who farms in Ogle County, says the Family Farm Preservation Act proposed this spring would've increased exemptions to a true $6 million from the current $4 million. "The fiscal reality in Illinois of a billion-dollar budget shortfall hit home." He says, "Then with I think some of the uncertainty of what might be some of the pass downs from Washington, DC, in the area of SNAP or Medicare, or Medicaid, added to an already tenuous situation." Chris Davis, director of state legislation with IFB, says the relief would make it easier for families to pass farms from one generation to the next while only costing state coffers an estimated $20 million annually. "We just really faced a tremendous, insatiable desire for spending." He says, "The legislature passed a $55.2 billion budget with $2 billion in additional spending and $880 million in increased taxes and revenues." Although the legislation failed to move in the spring session, Duncan tells Brownfield... "We are not giving up." He says, "Illinois farmers need estate tax relief. The support was much stronger this session than last year." The recently passed reconciliation package permanently raised federal estate tax exemptions to $15 million per individual, and both officials say the state of Illinois needs to follow suit with an update to its antiquated policy. Tweet |
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