Estate Tax

Farm Family Preservation Act – supported by Illinois Farm Bureau

applies to farm families only
allows for barns, sheds, grain bins, acres, etc to be assessed at farm value over market value, equaling approximately 50% reduction in assessed value
includes $6 million true exemption for each spouse, tied to inflation
mirrors Federal tax policy in portability and definition of farm family
maintains current Illinois graduated tax rates

To read the full proposal, read here on the Illinois Farm Bureau's website.

Tax Cuts and Jobs Act – supported by Illinois Soybean Growers

applies to all, not just farm families
implements no changes to assessed values
includes $4 million true exemption per couple
simplifies the estate tax process
creates a new graduated tax system for estates over $4 million that lessens tax liabilities on the lower end and increases tax rates for the highest-value estates

To read the full proposal, read here on the Illinois Soybean Association's website.