Family Farm Preservation Act would protect future generations

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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.

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