As a new year begins, it also brings new laws to Illinoisans. One concern still on the mind of lawmakers is seeing reform to the estate tax as it is currently placing excessive burdens on family farms and small businesses, explains State Representative of the 71st District, Dan Swanson:
“It is something that has been talked about in the past, but it has always been pushed under the carpet. This time it is being talked about and it seems as if we may get something passed or at least moving forward farther than it has ever been before. The liability that has to be paid by that family, that is tax billed. With farmland, if it was generation farm ground that was maybe purchased for a couple hundred dollars and now has a value of $15,000 or more, that is all gains on that farm ground and all becomes taxable. Right now the limit is $1.5 million and it doesn’t take long to reach that plateau and everything above that is taxable. At the federal level it looks at that quite differently and it raises that cap, so it raises some of that burden away form those families on their businesses and on their farms.”
Meanwhile, with over 30,000 immigrants hitting the Chicago area, Illinois is no longer immune to the federal humanitarian crisis, says Representative Swanson:
The 103rd Illinois General Assembly is currently in their spring session, which will run through late May.
For the complete interview with Representative Swanson, listen below.