15th District Illinois Congressman John Shimkus voted for legislation Thursday that would permanently repeal the estate tax, more commonly referred to as the death tax.
The legislation, passed the House 240-179.
In voting to repeal the tax, Shimkus stated it’s long past time for the federal government to stop standing in the way of Americans who want to pass down their family farm to future generations.
He added that the death tax stifles growth, discourages responsible saving and ruins family businesses.
In a letter supporting the legsilation, the Illinois Farm Bureau noted that “land values have doubled and even tripled over the past decade and all it takes is 329 of the most productive acres in central Illinois and 571 of the most productive acres in southern Illinois to reach the current estate tax exemption level.
The 2012 U.S. Census of Agriculture puts the average Illinois farm at 476 acres.