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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.

USA119th CongressHRES-206| House 
| Updated: 3/10/2025
Tracey Mann

Tracey Mann

Republican Representative

Kansas

Cosponsors (29)
Barry Moore (Republican)Adrian Smith (Republican)Tom Cole (Republican)Frank D. Lucas (Republican)Elise M. Stefanik (Republican)Mark Alford (Republican)Darin LaHood (Republican)Keith Self (Republican)Claudia Tenney (Republican)Derek Schmidt (Republican)Jimmy Panetta (Democratic)Angie Craig (Democratic)Nathaniel Moran (Republican)Dan Newhouse (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Brad Finstad (Republican)John R. Moolenaar (Republican)Charles J. "Chuck" Fleischmann (Republican)Jim Costa (Democratic)Mary E. Miller (Republican)Gabe Evans (Republican)Sam Graves (Republican)John W. Rose (Republican)Derrick Van Orden (Republican)Randy Feenstra (Republican)Robert E. Latta (Republican)Russ Fulcher (Republican)Michael Guest (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This resolution emphasizes the critical role of stepped-up basis under section 1014 of the Internal Revenue Code of 1986 in safeguarding family-owned farms and small businesses. It highlights that this provision allows inherited assets to be valued at their fair market value, preventing increased tax liabilities upon generational transfer, especially for the majority of family-owned farms and businesses. The House of Representatives explicitly supports the preservation of stepped-up basis and opposes any new taxes on family farms or small businesses. Furthermore, it recognizes the vital importance of facilitating smooth generational transfers of these operations, which would be threatened by the elimination of this tax provision.
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Timeline

Bill from Previous Congress

HRES 117-1015
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.

Bill from Previous Congress

HRES 118-237
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.
Mar 10, 2025
Submitted in House
Mar 10, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HRES 117-1015
    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.


  • Bill from Previous Congress

    HRES 118-237
    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 10, 2025
    Submitted in House


  • March 10, 2025
    Referred to the House Committee on Ways and Means.

Taxation

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.

USA119th CongressHRES-206| House 
| Updated: 3/10/2025
This resolution emphasizes the critical role of stepped-up basis under section 1014 of the Internal Revenue Code of 1986 in safeguarding family-owned farms and small businesses. It highlights that this provision allows inherited assets to be valued at their fair market value, preventing increased tax liabilities upon generational transfer, especially for the majority of family-owned farms and businesses. The House of Representatives explicitly supports the preservation of stepped-up basis and opposes any new taxes on family farms or small businesses. Furthermore, it recognizes the vital importance of facilitating smooth generational transfers of these operations, which would be threatened by the elimination of this tax provision.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HRES 117-1015
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.

Bill from Previous Congress

HRES 118-237
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.
Mar 10, 2025
Submitted in House
Mar 10, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HRES 117-1015
    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.


  • Bill from Previous Congress

    HRES 118-237
    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 10, 2025
    Submitted in House


  • March 10, 2025
    Referred to the House Committee on Ways and Means.
Tracey Mann

Tracey Mann

Republican Representative

Kansas

Cosponsors (29)
Barry Moore (Republican)Adrian Smith (Republican)Tom Cole (Republican)Frank D. Lucas (Republican)Elise M. Stefanik (Republican)Mark Alford (Republican)Darin LaHood (Republican)Keith Self (Republican)Claudia Tenney (Republican)Derek Schmidt (Republican)Jimmy Panetta (Democratic)Angie Craig (Democratic)Nathaniel Moran (Republican)Dan Newhouse (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Brad Finstad (Republican)John R. Moolenaar (Republican)Charles J. "Chuck" Fleischmann (Republican)Jim Costa (Democratic)Mary E. Miller (Republican)Gabe Evans (Republican)Sam Graves (Republican)John W. Rose (Republican)Derrick Van Orden (Republican)Randy Feenstra (Republican)Robert E. Latta (Republican)Russ Fulcher (Republican)Michael Guest (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted