Hundreds of farmers and other Ohioans gathered at the Statehouse today to ask lawmakers to pass H.B. 3, which would repeal the Ohio estate tax.
The tax is particularly burdensome for farmers who have assets that are primarily real estate based. Surviving family members can be forced to sell land or take out a loan to pay the tax, threatening the viability of the farm.
“About 84 percent of a farmer’s assets are tied up in capital – land, machinery or buildings,” said Beth Vanderkooi, Ohio Farm Bureau Federation’s director of state policy. “Farmers can often have a lot of assets, but not a lot of cash. And when that happens, the tax can become a real hardship.”
Ohio is one of only a handful of states that levies an estate tax, and has an exemption level of just $338,000. With increasing land values, a growing number of farms could be subject to the tax.
Lawmakers have indicated they will wait to see the state budget proposal before taking action on the estate tax. In the meantime, Ohio Farm Bureau is urging members to contact their legislators and ask them to support HB 3.
The rally at the Statehouse was part of Ohio Farm Bureau’s annual Ag Day at the Capitol event, where hundreds of farmers gather to talk agriculture issues with lawmakers in their offices in Columbus.
Use Ohio Farm Bureau’s online action center to urge your lawmaker to repeal the estate tax. It only takes a few minutes!