From State Senator Craig Wilcox:
Senate Republicans Push Back Against Estate Tax Hike, Fight to Protect Family Farms
One of the elements included in the Democrats’ $6 billion in new tax proposals takes aim at generational farmers in Illinois.
They want to lower the state’s estate tax exemption from $4 million to $2 million, which raises serious concerns about the impact on small, family-owned farms and businesses that already struggle under one of the highest tax burdens in the nation.
Lowering the threshold would mean more grieving families would be forced to pay hefty taxes simply for inheriting land or assets that have been in their families for generations.
For many farm families, this could result in the forced sale of farmland or equipment just to cover the tax bill, putting the future of their operations at risk.
Senate Republicans have long pushed to either phase out or raise the exemption threshold to better align with federal policy and reduce the burden on family-owned enterprises.
These reforms are necessary to protect Illinois’ agricultural legacy and prevent the government from punishing families simply for trying to pass their land or business down to the next generation.
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Under former State Rep. Penny Pullen’s sponsorship, the inheritance tax was abolished.
Democrats, upon gaining control of the legislature and Office of Governor, re-imposed it,
