Pritzker says legislation to increase estate tax threshold still alive

(The Center Square) – Although a bipartisan measure to raise the threshold on estate taxes stalled in the Illinois General Assembly, the legislation may not be dead yet.

Current state law says that if an estate is under a $4 million threshold, there are no estate taxes to pay, a number that critics say is too low. If the number is higher, proponents of raising the threshold said some families have been forced to sell off some or all of the family farm just to pay the estate tax.

Brian Duncan, president of the Illinois Farm Bureau, said the death of a loved one should not be a death sentence for the family farm.

“If a family is forced to sell part of that asset, then their farm is no longer viable and no longer can support the families,” said Duncan. “Then once it loses viability, it will be sold and forced into consolidation.”

Proposed legislation, known as the Read Entire Article