The future of the Family Farm Preservation Act remains uncertain, but Governor JB Pritzker says the legislation is still on his agenda. If approved, the legislation would create a true $6 million exemption from Illinois’ estate tax for family farms. Only the value of an estate above $6 million would be subject to taxation.

During the opening of the Illinois State Fair last week, the governor was asked whether the measure could be approved during the General Assembly’s fall veto session. While Pritzker did not commit to a vote during the November and December session, he said the legislation remains among the items he hopes to get done.

State Representative Wayne Rosenthal, out of Morrisonville, says state law exempts property passed to surviving spouse, but when that land is passed to children, grandchildren, nieces and nephews, the very people we raise to carry on our tradition, that's when the tax hits and it hits hard.

Governor Pritzker also recently pledged his support for the proposal during the Illinois Agriculture Legislative Roundtable in McLean County. The Family Farm Preservation Act has been under consideration since 2024, but no action has yet been taken.

Under current law, Illinois estates with a gross value exceeding $4 million, including taxable gifts, are subject to the state’s graduated estate tax, with the entire estate becoming taxable once that threshold is reached.

Whether the Family Farm Preservation Act reaches the fall veto session or is pushed into next spring’s legislative session remains to be seen. But supporters say Illinois farmers will be watching closely, especially after Governor Pritzker publicly pledged his support for the measure.

Get all of your local news, sports, weather, and much more, at taylorvilledailynews.com.