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Illinois Farm Bureau maintaining pursuit of estate tax reform
The president of the Illinois Farm Bureau says the organization remains committed to pursuing estate tax relief for the state’s farmers.
Phillip Nelson, who farms in LaSalle County, says efforts to pass the Family Farm Preservation Act came up short this spring in the General Assembly, but…
“We’ve got a lot of momentum.” He says, “We’re going to continue to push in veto session to have that happen.”
He says the legislation would increase exemptions to a true $6 million from the current $4 million.
“Presently, we have an outdated system in place which has a $4 million exemption, but if you’re at $4,100,000, you pay taxes on $4,100,000,” he says.
Nelson tells Brownfield, “In the next 20 years, 70% of the farmland will change ownership. And if we don’t get it right, we’re going to have a hard time passing the family farm to the next generation.”
IFB estimates the reforms would cost the state about $20 million annually.
AUDIO: Phillip Nelson – Illinois Farm Bureau
Stop this tax.