IV
119THCONGRESS
1
STSESSION H. RES. 206
Recognizing the importance of stepped-up basis under section 1014 of the
Internal Revenue Code of 1986 in preserving family-owned farms and
small businesses.
IN THE HOUSE OF REPRESENTATIVES
MARCH10, 2025
Mr. M
ANN(for himself, Mr. COSTA, Mr. PANETTA, Ms. CRAIG, Mr. SMITH
of Nebraska, Mr. F
INSTAD, Mr. FEENSTRA, Mr. MEUSER, Mr. LATTA,
Mr. F
ULCHER, Mrs. WAGNER, Ms. TENNEY, Mr. NEWHOUSE, Mr.
F
LEISCHMANN, Mr. ALFORD, Mr. MOOLENAAR, Mr. GRAVES, Mr. LUCAS,
Mr. S
ELF, Mr. GUEST, Mr. SCHMIDT, Mrs. MILLERof Illinois, Mr. ROSE,
Mr. C
OLE, and Mr. MOOREof Alabama) submitted the following resolu-
tion; which was referred to the Committee on Ways and Means RESOLUTION
Recognizing the importance of stepped-up basis under section
1014 of the Internal Revenue Code of 1986 in preserving
family-owned farms and small businesses.
Whereas the stepped-up basis under section 1014 of the In-
ternal Revenue Code of 1986 allows recipients of inher-
ited assets such as land, equipment, or buildings to ad-
just the cost basis of the asset to reflect its fair market
value;
Whereas 98 percent of farms are family-owned according to
the Department of Agriculture, and 19 percent of all
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•HRES 206 IH
businesses are family-owned according to the Small Busi-
ness Administration;
Whereas a study conducted by the Economic Research Serv-
ice of the Department of Agriculture determined that 66
percent of all midsized farms would see an increased tax
liability if the stepped-up basis were eliminated;
Whereas the stepped-up basis is a crucial component of many
family farms and small business succession plans; and
Whereas the elimination of the stepped-up basis would threat-
en the ability of farmers, ranchers, agribusinesses, and
small business owners to make generational transfers of
their operations: Now, therefore, be it
Resolved, That the House of Representatives— 1
(1) supports the preservation of the stepped-up 2
basis; 3
(2) opposes any efforts to impose new taxes on 4
family farms or small businesses; and 5
(3) recognizes the importance of generational 6
transfers of farm and family-owned business oper-7
ations. 8
Æ
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