By Dave Dahl
BLOOMINGTON – Farming is backbreaking work, and the estate tax family farmer owns when, say, the patriarch or matriarch passes away can be bank-breaking.
Instead of being forced to sell part or all of the farm to meet those obligations, farmers could enjoy an exemption under a bill announced at the Illinois Farm Bureau in Bloomington Wednesday.
“Under current law,” said State Rep. Sharon Chung (D-Bloomington), “if any estate is valued over $4 million, the entire estate is subject to the estate tax. So, under the Family Farm Preservation Act that we’re introducing, only the dollars above $6 million will be subject to the tax for farm estates.”
The Farm Bureau says it takes about 1,300 acres for a farmer to clear $100,000 a year.
Dave Dahl can be reached at [email protected]