New Illinois Estate Tax Bill Detrimental to Small Businesses
A bill in the Illinois House of Representatives would effectively double the estate tax, if passed, causing financial burden to family farms and small businesses.
Representative Charlie Meier of Okawville tells Brownfield HB 3920 imposes an additional estate tax and generation-skipping transfer tax on taxable transferred property valued at $4 million or more.
“They’ve worked with their parents, they’ve worked with their grandparents to build up a business and now maybe that business is worth $10 million. It’s not that you have $10 million in your hand. You’re lucky to make 6-10% profit off of a farm. How are you supposed to come up with 25% extra tax, because you died, to pay for it?”
Meier is also the fifth generation to live on his family farm and says passage of this bill would put an end to passing the farm along to his nieces and nephews when he dies .
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Representative Charlie Meier of Okawville tells Brownfield HB 3920 imposes an additional estate tax and generation-skipping transfer tax on taxable transferred property valued at $4 million or more.
“They’ve worked with their parents, they’ve worked with their grandparents to build up a business and now maybe that business is worth $10 million. It’s not that you have $10 million in your hand. You’re lucky to make 6-10% profit off of a farm. How are you supposed to come up with 25% extra tax, because you died, to pay for it?”
Meier is also the fifth generation to live on his family farm and says passage of this bill would put an end to passing the farm along to his nieces and nephews when he dies .
Click Here to read more.