01/31/2024 | Press release | Distributed by Public on 01/31/2024 16:41
STATEMENT FROM THE ILLINOIS FARM BUREAU ON
STATE LEGISLATORS' EFFORT TO PROTECT FAMILY FARMS
Jan. 31, 2024
Media Relations Specialist
Illinois Farm Bureau®
BLOOMINGTON, Ill. - Members of the Illinois General Assembly announced today the Family Farm Preservation Act, a bipartisan effort to protect farm families and their land by updating the Illinois Estate Tax code. The measure is being spearheaded by Sen. Dave Koehler, D-Peoria, and Rep. Sharon Chung, D-Bloomington.
Illinois Farm Bureau (IFB) President Brian Duncan commented on the legislation, which aims to ensure families may continue passing down their farms to the next generation. More about the Family Farm Preservation Act is available here.
"Passing on the family farm is not just about continuing the business, it's about preserving family heritage and a way of life," said IFB President Brian Duncan. "Yet the current Illinois estate tax often forces families to break up the farm by selling land, livestock or even equipment every time the business passes on to the next generation. A death of a loved one should not be a death sentence for the family farm.
"IFB thanks Sen. Dave Koehler and Rep. Sharon Chung for introducing the Family Farm Preservation Act and applauds the bipartisan effort of our state legislators to ensure Illinois' family farms can continue providing food, fuel and fiber without fear of losing the business when a family member dies."
In addition to Kohler and Chung, five other General Assembly members helped announce introduction of the bill, underscoring the bipartisanship effort: Sen. Patrick Joyce, D-Essex, Sen. Sue Rezin, R-Morris, Sen. Tom Bennett, R-Gibson City, Rep. Charlie Meier, R-Okawville, and Rep. Norine Hammond, R-Macomb.
Photo for Use:
Members of the General Assembly join IFB President Brian Duncan and Vice President Evan Hultine, at IFB building in Bloomington, to announce measures aimed at addressing the discrepancy between escalating farm estate evaluations and annual farm income. (Catrina Rawson, IFB)