|
Current state law says that if an estate is under a $4 million
threshold, there are no estate taxes to pay, a number that
critics say is too low. If the number is higher, proponents of
raising the threshold said some families have been forced to
sell off some or all of the family farm just to pay the estate
tax.
Brian Duncan, president of the Illinois Farm Bureau, said the
death of a loved one should not be a death sentence for the
family farm.
“If a family is forced to sell part of that asset, then their
farm is no longer viable and no longer can support the
families,” said Duncan. “Then once it loses viability, it will
be sold and forced into consolidation.”
Proposed legislation, known as the Family Farm Preservation Act,
would raise the estate tax threshold to $6 million. The measure
also looks to change the definition of a “qualified heir” to
include the siblings, aunts, uncles, nieces, nephews or first
cousins of the farmer.
After cutting the ribbon at the Illinois State Fair Thursday,
Gov. J.B. Pritzker said the legislation is a work in progress.
“We’re still looking at it but we should do everything we can to
support our farm families,” said Pritzker. “They are the
backbone of our economy and they are the backbone of Illinois.”
Duncan said 96% of farms in the state are family-owned and
raising the estate tax threshold would help keep that intact.
“Passing on the family farm is not just about continuing the
business, it’s about preserving family heritage and a way of
life,” said Duncan.
|
|
