State Representative Charlie Meier (R-Okawville) teamed up with lawmakers from the House and Senate, along with the Illinois Farm Bureau on Wednesday to discuss the Family Farm Preservation Act.
According to State Representative Charlie Meier, “The estate tax has devastated family farms for decades as these farms are often sold to pay the inheritance tax. Improving estate tax exemptions for farmers will help save family farms when the farm is passed down to each generation. Family farms treat their farmland like family as it helps provide for their family and produces the crops that help feed the world. Our country has the lowest food costs in the world, thanks to family farms.”
Rep. Meier is a farmer and serves as the Republican Spokesperson on the House Agriculture & Conservation Committee, he has advocated for the preservation of family farms in the legislature since he was first elected in 2012.
House Bill 4600 supported by Rep. Charlie Meier, is a bipartisan effort 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 produce across the state.
“Passing on the family farm is not just about continuing the business, it’s about preserving family heritage and a way of life,” said IFB President Brian Duncan. “Yet the current Illinois estate tax often forces families to break up the farm by selling land, livestock or even equipment every time the business passes on to the next generation. A death of a loved one should not be a death sentence for the family farm.”
The Family Farm Preservation Act awaits discussion in the spring legislative session.