Full Text of HR0458 102nd General Assembly
HR0458 102ND GENERAL ASSEMBLY |
| | HR0458 | | LRB102 20141 MST 28993 r |
|
| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The family farm is the historic heart of American | 3 | | culture; through World War I, most of the men who defended | 4 | | America were sons of American farms, and some our country's | 5 | | most beloved holidays, led by Thanksgiving, celebrate the hard | 6 | | work and productivity of the American family farm; and
| 7 | | WHEREAS, In America and in Illinois, the family farm is | 8 | | currently under serious threat from a wide variety of global | 9 | | trends and factors; and
| 10 | | WHEREAS, A fast-moving proposal is making its way through | 11 | | the U.S. Congress that would impose a step-up tax on the | 12 | | capital gains enjoyed by an estate at the time of probate; this | 13 | | proposed tax hike would cover a wide variety of capital | 14 | | assets, including farmland and farm infrastructure; and
| 15 | | WHEREAS, Owners of American family farms, whose farms are | 16 | | treated as probate assets, would have to pay this tax when the | 17 | | owner of the farm passes away; and
| 18 | | WHEREAS, In contrast to family farms and with respect to | 19 | | farm assets owned by corporations and trusts, the corporation | 20 | | or trust would not, as an entity, have to pay capital gains | 21 | | taxes under this defined set of circumstances; and
|
| | | HR0458 | - 2 - | LRB102 20141 MST 28993 r |
|
| 1 | | WHEREAS, The implications of this tilted playing field, | 2 | | with respect to the future of the family farm in America and in | 3 | | Illinois, are obvious; therefore, be it
| 4 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 5 | | HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 6 | | we oppose any plan or suggestion to impose a step-up tax on | 7 | | capital gains upon probate assets; and be it further | 8 | | RESOLVED, That we believe that this tax, if imposed, would | 9 | | be a "double death tax" imposed on top of existing estate taxes | 10 | | upon the assets of people who have passed away; and be it | 11 | | further | 12 | | RESOLVED, That we stand behind the family farms of the | 13 | | United States and Illinois as foundational units of the | 14 | | American way of life and believe that the public sector should | 15 | | do everything it can to defend the American family farm rather | 16 | | than take deliberate steps to damage and destroy it in the | 17 | | vestiges of space where it remains; and be it further
| 18 | | RESOLVED, That suitable copies of this resolution be | 19 | | delivered to U.S. Senators Richard Durbin and Tammy Duckworth | 20 | | and all members of the Illinois Congressional Delegation.
|
|