Bipartisan legislation introduced in both chambers of the Illinois State Assembly Wednesday would reduce estate tax burdens for family farmers.
During a news conference, House sponsor Sharon Chung says the bill would raise exemptions from $4 to $6 million to be more in line with federal estate tax rules.
“Only the dollars above $6 million will be subject to the tax reform estates,” she explains. “Additionally, the Act will allow any unused exemption amount to be transferred to a surviving spouse.”
Senator sponsor Dave Koehler says the changes would better preserve family farms for future generations.
