By Andi Anderson
In a collaborative effort, Illinois legislators, led by Sen. Dave Koehler and Rep. Sharon Chung, announced the Family Farm Preservation Act on January 31. The proposed legislation seeks to modernize the Illinois Estate Tax code, ensuring the smooth transition of family farms to the next generation.
IFB President Brian Duncan emphasized the broader significance, stating that passing on a family farm is not merely a business continuation but a preservation of heritage and a way of life. Current estate tax regulations often compel families to sell land, livestock, or equipment, disrupting the farm's continuity with each generational handover.
Duncan expressed gratitude to Sen. Koehler and Rep. Chung for spearheading the Family Farm Preservation Act, acknowledging the bipartisan commitment of other General Assembly members. Sens. Patrick Joyce and Sue Rezin, along with Sens. Tom Bennett and Reps. Charlie Meier, Norine Hammond, and Jason Bunting, joined in supporting the initiative.
The Family Farm Preservation Act stands as a crucial step toward ensuring Illinois' family farms can endure, supplying essential food, fuel, and fiber without the threat of dissolution when a family member passes away.
Photo Credit: pexels-nataliya-vaitkevich
Categories: Illinois, Business