Today, the Illinois Farm Bureau unveiled new legislation aimed at improving the Illinois Estate Tax
In a press conference today in Bloomington, at the home office of the IFB, House Republican leaders stood with bipartisan lawmakers supporting the new measure. House Bill 4600, named the Family Farms Preservation Act, is designed to protect the heritage of family farmers by updating the Illinois Estate Tax code.
Deputy House Republican Leader Norine Hammond (R-Macomb) recognized the progress this bill makes to protect family farms in the state, but also noted the need for greater bipartisanship to continue doing more.
“Illinois’ estate tax hurts our farm families. House Republicans have consistently fought to increase the exclusion amount to account for rising farmland values. House Bill 4600 is a bipartisan agreement that will help family farmers pass their farmland on to the next generation, protecting our family farms from being sold off to large corporate or foreign interests. I’m proud to stand with the Illinois Farm Bureau and my colleagues in support of this critically needed change to our tax laws,” said Hammond.
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4600 Introduced 1/31/2024, by Rep. Sharon Chung SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning estates that contain qualified farm property. Provides that, for the purposes of calculating the State Death Tax Credit, those estates are subject to an exemption of $6,000,000 (rather than an exclusion amount of $4,000,000), which shall be deducted from the net estate value after the net estate value is computed in accordance with the Act. Provides that the exemption shall be adjusted each year according to the increase in the Consumer Price Index. Makes changes concerning the calculation of the deceased spousal unused exclusion amount for those estates. Provides for a special use valuation to provide that the value of the qualified farm property shall be calculated without regard to certain limitations under the Internal Revenue Code. Makes changes concerning the definition of "qualified heir" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included. |
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