H.Res.1015 - 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 was cosponsored by Jason Smith, Robert Latta, Rodney Davis, Bob Gibbs, Daniel Meuser, Kat Cammack, Jeff Duncan, Ralph Norman, Troy Balderson, Tony Gonzales, Robert Wittman, Ted Budd, John Moolenaar, David Valadao, Vicky Hartzler, Michael Cloud, Doug Lamalfa, Ronny Jackson, Don Bacon, Richard Hudson, Michael Guest, Tom Cole, Frank Lucas, Sam Graves, James Comer, Pete Sessions, Steube W., Liz Cheney, Jake Laturner, Fred Keller, Jim Costa, Michael Simpson, Blaine Luetkemeyer, Earl Carter, Bill Johnson, Dusty Johnson, Greg Pence, Jim Banks, Matthew Rosendale, Ashley Hinson, John Rose, Ron Estes, Randy Feenstra, Elise Stefanik, Cathy Rodgers, Austin Scott, Mike Bost, David Rouzer, Tom Emmer, Roger Williams, Darin Lahood, James Baird, Mary Miller, Mike Johnson, Eric Crawford, August Pfluger, Lisa McClain, Carol Miller, Gregory Murphy, Mariannette Miller-Meeks, Madison Cawthorn, Bill Huizenga, Dan Newhouse, Bryan Steil, Franklin C., Barry Moore, Victoria Spartz, Billy Long, Michael McCaul, Guy Reschenthaler, Michelle Fischbach, Rick Allen, Adrian Smith, Glenn Thompson, Russ Fulcher, David Kustoff, Warren Davidson, Burgess Owens, Larry Bucshon and Kelly Armstrong.
It was referred to the Ways and Means committee.
This resolution supports the preservation of the stepped-up basis tax rule that allows recipients of inherited assets such as land, equipment, or buildings to adjust the cost basis of the assets to reflect their fair market value. The resolution opposes any efforts to impose new taxes on family farms or small businesses and recognizes the importance of generational transfers of farm and family-owned businesses.
117th CONGRESS 2d Session |
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.
March 30, 2022
Mr. Mann (for himself, Mr. Smith of Missouri, Mr. Latta, Mr. Rodney Davis of Illinois, Mr. Gibbs, Mr. Meuser, Mrs. Cammack, Mr. Duncan, Mr. Norman, Mr. Balderson, Mr. Tony Gonzales of Texas, Mr. Wittman, Mr. Budd, Mr. Moolenaar, Mr. Valadao, Mrs. Hartzler, Mr. Cloud, Mr. LaMalfa, Mr. Jackson, Mr. Bacon, Mr. Hudson, Mr. Guest, Mr. Cole, Mr. Lucas, Mr. Graves of Missouri, Mr. Comer, Mr. Sessions, Mr. Steube, Ms. Cheney, Mr. LaTurner, Mr. Keller, Mr. Costa, Mr. Simpson, Mr. Luetkemeyer, Mr. Carter of Georgia, Mr. Johnson of Ohio, Mr. Johnson of South Dakota, Mr. Pence, Mr. Banks, Mr. Rosendale, Mrs. Hinson, Mr. Rose, Mr. Estes, Mr. Feenstra, Ms. Stefanik, Mrs. Rodgers of Washington, Mr. Austin Scott of Georgia, Mr. Bost, Mr. Rouzer, Mr. Emmer, Mr. Williams of Texas, Mr. LaHood, Mr. Baird, Mrs. Miller of Illinois, Mr. Johnson of Louisiana, Mr. Crawford, Mr. Pfluger, Mrs. McClain, Mrs. Miller of West Virginia, Mr. Murphy of North Carolina, Mrs. Miller-Meeks, Mr. Cawthorn, Mr. Huizenga, Mr. Newhouse, Mr. Steil, Mr. C. Scott Franklin of Florida, Mr. Moore of Alabama, Mrs. Spartz, Mr. Long, Mr. McCaul, Mr. Reschenthaler, Mrs. Fischbach, Mr. Allen, and Mr. Smith of Nebraska) submitted the following resolution; which was referred to the Committee on Ways and Means
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 Internal Revenue Code of 1986 allows recipients of inherited assets such as land, equipment, or buildings to adjust 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 businesses are family owned according to the Small Business Administration;
Whereas a study conducted by the Economic Research Service 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 threaten 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) supports the preservation of the stepped-up basis;
(2) opposes any efforts to impose new taxes on family farms or small businesses; and
(3) recognizes the importance of generational transfers of farm and family-owned business operations.
You can read the bill here.
