State Senator Mike Halpin and members of the Illinois General Assembly joined the Illinois Farm Bureau for a press conference Wednesday to announce the Family Farm Preservation Act.
“The Family Farm Preservation Act addresses reoccurring issues for farmers under the current estate tax system — from farmers having to sell their land to breaking up the family agribusiness in order to keep up with these hefty taxes,” said Halpin (D-Rock Island). “Family-owned farms across Illinois contribute to the success of our state’s agricultural powerhouse, and alleviating unnecessary financial burdens allows them to continue their valuable service.”
Senate Bill 2921 is a bipartisan effort led by State Senator Dave Koehler designed to protect farm families and their land by updating the Illinois Estate Tax code to include protections in regards to inflation. Legislators and stakeholders at the press conference expressed the need for this legislation and the opportunities it would give farmers and their families who provide food across the state. State Representative Sharon Chung introduced an identical bill in the House, House Bill 4600.
“Farmers are on the frontlines of our communities to provide affordable local food and resources,” said Halpin. “This initiative benefits the farmer as well as their family’s future farmers, and I look forward to seeing how our state’s agricultural industry evolves from such improvements.”
The Family Farm Preservation Act awaits discussion in the spring legislative session.
***Courtesy of the Officer of State Senator Mike Halpin***
