Sangamon Sun

Illinois State Senator Tom Bennett is co-sponsoring a bipartisan proposal aimed at easing the estate tax burden for family farms in the state. The proposal, known as Senate Bill 2921, seeks to raise the exemption from $4 million to $6 million and expand the definition of "qualified heir" to include a wider range of family members.

Senator Bennett stressed the importance of supporting small to mid-size family farms, which are the backbone of the state's economy. He stated, "This proposal is necessary to help provide stability and protect the future of small to mid-size family farms. They shouldn't have to worry about losing the farm someday because of our state's estate tax system."

The current estate tax system often forces families to sell off farm ground to pay Illinois estate taxes when farms are passed down to the next generation. This puts the future of these farms at risk. By raising the exemption and expanding the definition of "qualified heir," the new bill aims to alleviate this burden and allow family farms to continue growing and thriving.

The Illinois Farm Bureau, a prominent agricultural organization, has expressed its support for the legislation. Senator Bennett attended a press conference at the Bureau's headquarters in Bloomington to introduce the bill alongside a bipartisan group of other state legislators. The Bureau believes that the proposed changes to the estate tax system will benefit not only the agricultural industry but also the entire state of Illinois.

"We can't afford to lose another family farm simply because of our outdated inheritance tax system," emphasized Senator Bennett. The new bill aims to address this concern and ensure the preservation of small family farms for generations to come.

The proposed legislation is a significant step towards protecting the future of Illinois's agricultural industry and supporting the hardworking families who rely on these farms. By easing the estate tax burden, the bill aims to provide stability and allow family farms to continue contributing to the state's economy.