Bill > HRes206

This resolution recognizes the critical importance of the stepped-up basis tax provision, which allows inheritors of assets like land, equipment, or buildings to adjust the asset's cost basis to its current fair market value at the time of inheritance. The resolution highlights that 98% of farms and 19% of businesses are family-owned, and a Department of Agriculture study found that 66% of midsized farms would face increased tax liability if the stepped-up basis were eliminated. The resolution supports preserving this tax provision because it is a crucial component of generational succession planning for family farms and small businesses. Specifically, the House of Representatives supports maintaining the stepped-up basis, opposes new taxes on family farms and small businesses, and acknowledges the significance of enabling generational transfers of farm and business operations without imposing undue financial burdens that could potentially disrupt family-owned enterprises.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-resolution/206/all-info