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.
