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.