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US HRes237
US HRes237Recognizing the importance of stepped-up basis under section 1014 of the Internal Revenue Code of 1986 in preserving family-owned farms and small businesses.
summary
Introduced
03/21/2023
03/21/2023
In Committee
03/21/2023
03/21/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
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.
AI Summary
This Resolution, passed by the House of Representatives, emphasizes the critical role of the "stepped-up basis" under section 1014 of the Internal Revenue Code of 1986 in safeguarding family-owned farms and small businesses. The stepped-up basis is a tax provision that allows individuals inheriting assets, such as land or equipment, to adjust their cost basis to the asset's value at the time of inheritance, rather than the original purchase price. This provision is vital because a significant majority of farms and many businesses are family-owned, and eliminating the stepped-up basis would likely increase tax burdens for two-thirds of midsized farms, thereby hindering their ability to pass operations down through generations. Therefore, the House of Representatives supports maintaining this stepped-up basis, opposes new taxes on these family enterprises, and acknowledges the importance of generational transfers for the continuity of farms and small businesses.
Committee Categories
Budget and Finance
Sponsors (80)
Tracey Mann (R)*,
Mark Alford (R),
Don Bacon (R),
Jim Baird (R),
Troy Balderson (R),
Jack Bergman (R),
Stephanie Bice (R),
Mike Bost (R),
Larry Bucshon (R),
Kat Cammack (R),
Mike Carey (R),
Ben Cline (R),
Michael Cloud (R),
Jim Costa (D),
Angie Craig (D),
Rick Crawford (R),
Warren Davidson (R),
Scott DesJarlais (R),
John Duarte (R),
Jeff Duncan (R),
Jake Ellzey (R),
Randy Feenstra (R),
Drew Ferguson (R),
Brad Finstad (R),
Michelle Fischbach (R),
Scott Franklin (R),
Russell Fry (R),
Russ Fulcher (R),
Bob Good (R),
Sam Graves (R),
Mark Green (R),
Michael Guest (R),
Diana Harshbarger (R),
Clay Higgins (R),
Ashley Hinson (R),
Ronny Jackson (R),
Sheila Jackson-Lee (D),
Bill Johnson (R),
Dusty Johnson (R),
Mike Johnson (R),
Mike Kelly (R),
Trent Kelly (R),
David Kustoff (R),
Darin LaHood (R),
Doug LaMalfa (R),
Bob Latta (R),
Jake LaTurner (R),
Mike Lawler (R),
Frank Lucas (R),
Lisa McClain (R),
Dan Meuser (R),
Carol Miller (R),
Mary Miller (R),
Max Miller (R),
Mariannette Miller-Meeks (R),
John Moolenaar (R),
Barry Moore (R),
Blake Moore (R),
Greg Murphy (R),
Dan Newhouse (R),
Ralph Norman (R),
Zach Nunn (R),
Jimmy Panetta (D),
Guy Reschenthaler (R),
John Rose (R),
Matt Rosendale (R),
Austin Scott (R),
Pete Sessions (R),
Adrian Smith (R),
Victoria Spartz (R),
Michelle Steel (R),
Elise Stefanik (R),
Bryan Steil (R),
Greg Steube (R),
Claudia Tenney (R),
G.T. Thompson (R),
Derrick Van Orden (R),
Ann Wagner (R),
Brad Wenstrup (R),
Rob Wittman (R),
Last Action
Sponsor introductory remarks on measure. (CR H1332) (on 03/23/2023)
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-resolution/237/all-info | 03/22/2023 |
| BillText | https://www.congress.gov/118/bills/hres237/BILLS-118hres237ih.pdf | 03/22/2023 |
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