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Optimistic about Illinois estate tax relief
The president of the Illinois Farm Bureau says he’s optimistic that the state’s farmers could soon see estate tax relief.
Phillip Nelson, who farms in LaSalle County, says Governor J.B. Pritzker and other state leaders are voicing their support for the Family Farm Preservation Act.
“I was very pleased to see that was addressed at the press conference for the kicking off of the state fair.” He says, “Our lead sponsor is Doris Turner, Senate Democrat right here in Springfield, and she pledged to me that we’re going to get this over the finish line.”
He tells Brownfield the legislation would raise estate tax levels from the current $4 million to a true $6 million exemption.
“If you have an estate of $4,000,001, you pay the full tax on the $4,000,001, so we need a true exemption.” He says, “If we’re going to continue to pass the farms to the next generation, we’ve got to address that.”
Nelson says the General Assembly’s fall veto session in November is the next opportunity for the bill to be considered.
AUDIO: Phillip Nelson – Illinois Farm Bureau
The State of Illinois does not track or allocate its overall state budget explicitly by individual municipalities like Chicago or specific geographic breakouts like suburban Cook County in a fixed annual spending share. That way we do not know how badly the whole state is being screwed by them. IT’S LIKE THAT IN ALL THE STATES. TIME TO FIND OUT HOW MUCH MORE THEY GOT PER CITIZEN THAN ANYONE ELSE.