5 days ago
From the Farm: Estate tax failure
CENTRAL ILLINOIS (WCIA) — The Illinois General Assembly has recessed for the spring term after passing a budget, but the big issue that agriculture wanted was not included.
The Family Farm Preservation Act was designed to overhaul the estate tax on farms, which frequently requires substantial amounts of land to be sold to pay the tax. However, it was not called for a senate vote because of the concern it would reduce state tax revenue when the state needs money.
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Rep. Charlie Meier, a farmer from Oakville and the top Republican in the House Ag Committee, opposes the whole concept of the estate tax.
It's doubtful that Meier will get his wish though. Other lawmakers supportive of the Family Farm Preservation Act plan to push it during the fall veto session.
It is a perennial issue for agriculture and will be until the cows come home.
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