Members: Take Action on Tax Issues

Posted: April 22, 2021

Farm Bureau members should email President Joe Biden and Congress urging them to reconsider the “transfer tax” contained in the STEP Act and allow continued use of stepped-up basis.

Proposed legislation would tax capital gains at death and eliminate stepped-up basis as a way to raise revenue for government spending.

Stepped-up basis is a process that allows a farmer to pay capital gains taxes only on a property’s increase in value since the time that land was inherited, instead of paying the full increase in value since it was purchased by a deceased relative. In addition, the tax on the new stepped-up value is deferred until property is sold by the surviving family member.

“This proposed asset ‘transfer tax’ contained in the STEP Act would be detrimental to our nation’s small family farmers,” said Richard Guebert Jr., Illinois Farm Bureau president. “It wouldn’t take many acres of farmland, farm machinery and equipment, buildings or grain bins to trigger the extremely low $1 million asset threshold.”

“Several years ago when the threshold was lower, many family heirs were forced to sell the land they inherited to pay the estate taxes. This proposal to eliminate stepped-up basis would have the same detrimental effect,” said Guebert.

Illinois Farm Bureau ACT Members will be alerted in a text message and an email notification. Members can then complete the action request by clicking on the link in the text message or the “TAKE ACTION” button in the email.

Many IFB members are also involved in the American Farm Bureau Federation’s grassroots advocacy program, but it is only necessary to complete the action request once. 

Source: Illinois Farm Bureau

FB ACT needs you to act now

Through Illinois Farm Bureau’s FB ACT (Farm Bureau Agricultural Contact Team) program, you will be asked to vote and to respond to Farm Bureau action requests by calling your elected officials on key agricultural issues, emailing and/or posting on social media. Being involved with legislative and political activities is a good way to build relationships with elected officials.

FB ACT offers an easy, effective way to advocate for agriculture and Farm Bureau. Whether you’re already part of FB ACT or just curious about the program, contact your county Farm Bureau and learn about the latest opportunities.

To join FB ACT, go to: https://www.ilfb.org/get-involved/fb-act/join/. You’ll find an online form to complete and submit. The information will be sent to the county Farm Bureau in your county of residence. IFB will contact you about your role as an FB ACT member.

You also may text the word “FARM” to 52886 to sign up and receive text messages when Farm Bureau needs you to act.  

Source: Illinois Farm Bureau


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