Legis Daily

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.

USA117th CongressHRES-1015| House 
| Updated: 3/30/2022
Tracey Mann

Tracey Mann

Republican Representative

Kansas

Cosponsors (82)
Matthew M. Rosendale (Republican)Dusty Johnson (Republican)Doug LaMalfa (Republican)Bob Gibbs (Republican)Barry Moore (Republican)Adrian Smith (Republican)David Kustoff (Republican)Clay Higgins (Republican)Tom Cole (Republican)Frank D. Lucas (Republican)Elise M. Stefanik (Republican)Eric A. "Rick" Crawford (Republican)Jake LaTurner (Republican)Mike Johnson (Republican)Guy Reschenthaler (Republican)Ashley Hinson (Republican)Jim Banks (Republican)Gregory F. Murphy (Republican)Warren Davidson (Republican)Scott Franklin (Republican)Rick W. Allen (Republican)Victoria Spartz (Republican)Robert J. Wittman (Republican)Darin LaHood (Republican)Glenn Thompson (Republican)Mariannette Miller-Meeks (Republican)Jackie Walorski (Republican)Pete Sessions (Republican)David Rouzer (Republican)Jeff Duncan (Republican)Earl L. "Buddy" Carter (Republican)Billy Long (Republican)Jason Smith (Republican)Dan Newhouse (Republican)Ronny Jackson (Republican)Daniel Meuser (Republican)Don Bacon (Republican)James R. Baird (Republican)Carol D. Miller (Republican)Liz Cheney (Republican)Rodney Davis (Republican)Richard Hudson (Republican)Roger Williams (Republican)Kat Cammack (Republican)Kelly Armstrong (Republican)Ron Estes (Republican)W. Gregory Steube (Republican)John R. Moolenaar (Republican)Austin Scott (Republican)James Comer (Republican)Michael Cloud (Republican)August Pfluger (Republican)Blaine Luetkemeyer (Republican)Larry Bucshon (Republican)Madison Cawthorn (Republican)Michael T. McCaul (Republican)Jim Costa (Democratic)Mary E. Miller (Republican)Lisa C. McClain (Republican)Tony Gonzales (Republican)Sam Graves (Republican)Mike Bost (Republican)Michael K. Simpson (Republican)David G. Valadao (Republican)John W. Rose (Republican)Vicky Hartzler (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Randy Feenstra (Republican)Robert E. Latta (Republican)Burgess Owens (Republican)Russ Fulcher (Republican)Greg Pence (Republican)Ralph Norman (Republican)Cathy McMorris Rodgers (Republican)Ted Budd (Republican)Bill Johnson (Republican)Michelle Fischbach (Republican)Troy Balderson (Republican)Bryan Steil (Republican)Fred Keller (Republican)Michael Guest (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 30, 2022
Introduced in House
Mar 30, 2022
Referred to the House Committee on Ways and Means.
Mar 30, 2022
Sponsor introductory remarks on measure. (CR H3976-3977)
  • March 30, 2022
    Introduced in House


  • March 30, 2022
    Referred to the House Committee on Ways and Means.


  • March 30, 2022
    Sponsor introductory remarks on measure. (CR H3976-3977)

Taxation

Capital gains taxFarmlandSmall businessTax administration and collection, taxpayers

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.

USA117th CongressHRES-1015| House 
| Updated: 3/30/2022
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 30, 2022
Introduced in House
Mar 30, 2022
Referred to the House Committee on Ways and Means.
Mar 30, 2022
Sponsor introductory remarks on measure. (CR H3976-3977)
  • March 30, 2022
    Introduced in House


  • March 30, 2022
    Referred to the House Committee on Ways and Means.


  • March 30, 2022
    Sponsor introductory remarks on measure. (CR H3976-3977)
Tracey Mann

Tracey Mann

Republican Representative

Kansas

Cosponsors (82)
Matthew M. Rosendale (Republican)Dusty Johnson (Republican)Doug LaMalfa (Republican)Bob Gibbs (Republican)Barry Moore (Republican)Adrian Smith (Republican)David Kustoff (Republican)Clay Higgins (Republican)Tom Cole (Republican)Frank D. Lucas (Republican)Elise M. Stefanik (Republican)Eric A. "Rick" Crawford (Republican)Jake LaTurner (Republican)Mike Johnson (Republican)Guy Reschenthaler (Republican)Ashley Hinson (Republican)Jim Banks (Republican)Gregory F. Murphy (Republican)Warren Davidson (Republican)Scott Franklin (Republican)Rick W. Allen (Republican)Victoria Spartz (Republican)Robert J. Wittman (Republican)Darin LaHood (Republican)Glenn Thompson (Republican)Mariannette Miller-Meeks (Republican)Jackie Walorski (Republican)Pete Sessions (Republican)David Rouzer (Republican)Jeff Duncan (Republican)Earl L. "Buddy" Carter (Republican)Billy Long (Republican)Jason Smith (Republican)Dan Newhouse (Republican)Ronny Jackson (Republican)Daniel Meuser (Republican)Don Bacon (Republican)James R. Baird (Republican)Carol D. Miller (Republican)Liz Cheney (Republican)Rodney Davis (Republican)Richard Hudson (Republican)Roger Williams (Republican)Kat Cammack (Republican)Kelly Armstrong (Republican)Ron Estes (Republican)W. Gregory Steube (Republican)John R. Moolenaar (Republican)Austin Scott (Republican)James Comer (Republican)Michael Cloud (Republican)August Pfluger (Republican)Blaine Luetkemeyer (Republican)Larry Bucshon (Republican)Madison Cawthorn (Republican)Michael T. McCaul (Republican)Jim Costa (Democratic)Mary E. Miller (Republican)Lisa C. McClain (Republican)Tony Gonzales (Republican)Sam Graves (Republican)Mike Bost (Republican)Michael K. Simpson (Republican)David G. Valadao (Republican)John W. Rose (Republican)Vicky Hartzler (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Randy Feenstra (Republican)Robert E. Latta (Republican)Burgess Owens (Republican)Russ Fulcher (Republican)Greg Pence (Republican)Ralph Norman (Republican)Cathy McMorris Rodgers (Republican)Ted Budd (Republican)Bill Johnson (Republican)Michelle Fischbach (Republican)Troy Balderson (Republican)Bryan Steil (Republican)Fred Keller (Republican)Michael Guest (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Capital gains taxFarmlandSmall businessTax administration and collection, taxpayers