Metro East Sun

Rep. Avery Bourne (R-Raymond) wants Illinois to keep its farmers at home through the repeal of estate and inheritance taxes levied on land transfers.

"The estate tax in Illinois, especially at a time when small farms are struggling to stay afloat, often means that families must sell the family farm to meet their tax obligations,” Bourne said. “This adds to the overwhelming tax burden in Illinois.”

Illinois levies a tax of between 7.2 percent and 16 percent on estate transfers following death, according to Bourne's press release. When combined with the 35 percent estate tax charged by the federal government, the tax rate on a transfer can swell to 51 percent for those with the largest estates.

House Bill 432, which Bourne is sponsoring, would repeal the state taxes on such transfers and would take effect immediately. It would allow Illinois to join the majority of states, which do not impose such taxes.

“This proposal grew out of a suggestion from my Agriculture Advisory Board and I am proud to bring it forward as just one more way we can make Illinois more competitive and compassionate," Bourne said, according to the press release.