West Central Reporter

House Republicans in Illinois have shown their support for new legislation aimed at improving the Illinois Estate Tax. House Minority Leader Tony McCombie has been leading efforts to address this tax, which has disproportionately affected family farms, small businesses, and manufacturing in the state. The recently unveiled bipartisan proposal has garnered support from McCombie and members of her leadership team.

Over the past seven years, Leader McCombie has been working to address the estate tax, along with several House Republican members. They have been searching for ways to provide relief to small businesses, farmers, and family businesses from the burdensome nature of the state's outdated tax system, which imposes taxes on assets upon the owner's death.

Last spring, McCombie testified in support of legislation she sponsored to reduce the estate tax and protect family farms. She was joined by members of the Farm Bureau and the National Federation of Independent Business, who provided key testimony in favor of the measure. The bill aimed to prevent double taxation of inherited farms and small businesses.

While McCombie's comprehensive legislation on this issue has not yet moved forward, tax relief remains a top priority for House Republicans this legislative session. McCombie sees the newly introduced bipartisan bill as a step in the right direction but emphasizes the need to do more to change Illinois' reputation as a difficult place to do business.

In a press conference held at the home office of the Illinois Farm Bureau in Bloomington, House Republican leaders stood with bipartisan lawmakers in support of the new measure. House Bill 4600, known as the Family Farms Preservation Act, seeks to update the Illinois Estate Tax code to protect the heritage of family farmers.

Deputy House Republican Leader Norine Hammond recognizes the progress this bill makes in protecting family farms but also stresses the need for greater bipartisanship to continue making further changes. She states, "Illinois' estate tax hurts our farm families. House Republicans have consistently fought to increase the exclusion amount to account for rising farmland values. House Bill 4600 is a bipartisan agreement that will help family farmers pass their farmland on to the next generation, protecting our family farms from being sold off to large corporate or foreign interests."

State Representative Charlie Meier, who is not only a farmer but also serves as the Republican Spokesperson on the House Agriculture & Conservation Committee, emphasizes the devastating impact of the estate tax on family farms. He states, "The estate tax has devastated family farms for decades as these farms are often sold to pay the inheritance tax." Meier believes that improving estate tax exemptions for farmers will help save family farms and ensure the continuity of generational farming.

State Representative Jason R. Bunting also voices his support for the legislation, highlighting the threat that the current estate tax system poses to family farms. He states, "For far too long, Illinois' estate tax system has threatened family farms - like mine and my neighbors - with the prospect of having to sell the farm if there is a death in the family." Bunting believes that this legislation is a step towards a better system that will help keep farms within the family for generations to come.

The bipartisan support for House Bill 4600, the Family Farms Preservation Act, demonstrates the recognition of the detrimental impact of the estate tax on family farms in Illinois. Lawmakers are hopeful that this legislation will provide much-needed relief to farmers and help preserve the legacy of family farming in the state.