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Illinois Hits Farmers with Lower State Estate Tax Exemption
by Adam Nicholson - No CommentsPosted on January 18th, 2011 10:01 am
Illinois legislators have made it even harder for future generations of farmers to stay on their land, by lowering the exemption which farmers can apply to death tax liabilities.
An article reports that the exemption for purposes of Illinois's state estate tax has been lowered from $5 million to $2 million. While $2 million may sound like a lot to some people, it "would only amount to around 300 acres at today's inflated prices for farmland."
Shawn Valter with the Adams County Farm Bureau says that means children of today's aging farmers may have trouble staying on or keeping the farm.
Valter said, "Having that lower exemption may mean they have to sell off some acreage to meet the tax obligation now."
Illinois farmers deserve better. The best thing Illinois legislators could do for farmers is to repeal the state estate tax altogether.
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Have you told the 112th Congress to Repeal the Death Tax?
- AFBI Highlights the Introduction of Senator Thune's Death Tax Repeal Bill
Thu, Mar 29, 2012 - AFBI Announces 2012 Recipients of the 1st Annual Champion of American Family Businesses Awards
Tue, Mar 27, 2012 - 7 Illinois Candidates for the U.S. House of Representatives Sign AFBI's Death Tax Repeal Pledge
Mon, Mar 19, 2012
- A Score of the Death Tax Repeal Permanency Actby Stephen J. Entin, April 2011
- The Cost of Compromise: Impact of the 2011-2012 Estate Tax by Anthony Davies, December 2010
- Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying by Tim Carney & Dick Patten, November 30, 2010
- Growth Consequences of Estate Tax Reform, by Dr. Douglas Holtz-Eakin and Cameron Smith, American Family Business Foundation, September, 2010
The Death Tax fight will soon be decided in the halls of Congress by your representatives. AFBI is leading the fight for repeal in Washington, but we cannot do it alone.