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H.Res. 1015 · 117th Congress

Recognizing the importance of stepped-up basis under section 1014 of the Internal Revenue Code of 1986 in…

Full title

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.

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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

TMR MannSponsor
82 cosponsors · 1 D, 81 R
RAR Allen MBR Bost DBR Bacon JBR Banks TBR Budd TBR Balderson JBR Baird KCR Cammack TCR Cole JCD Costa RCR Crawford BCR Carter MCR Cawthorn JCR Comer LCR Cheney MCR Cloud JDR Duncan RDR Davis TER Emmer RER Estes RFR Feenstra MFR Fischbach CFR Franklin SGR Graves BGR Gibbs MGR Guest TGR Gonzales VHR Hartzler BHR Huizenga RHR Hudson AHR Hinson BJR Johnson MJR Johnson DJR Johnson RJR Jackson FKR Keller JLR LaTurner FLR Lucas RLR Latta BLR Luetkemeyer BLR Long DLR LaMalfa DLR LaHood LMR McClain MMR McCaul CMR McMorris Rodgers JMR Moolenaar DMR Meuser CMR Miller GMR Murphy MMR Miller BMR Moore MMR Miller-Meeks DNR Newhouse RNR Norman APR Pfluger GPR Pence MRR Rosendale DRR Rouzer GRR Reschenthaler JRR Rose PSR Sessions VSR Spartz MSR Simpson ASR Smith ASR Scott JSR Smith ESR Stefanik BSR Steil WSR Steube DVR Valadao RWR Wittman RWR Williams RFR Fulcher DKR Kustoff GTR Thompson WDR Davidson BOR Owens LBR Bucshon KAR Armstrong CHR Higgins JWR Walorski

73 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Mar 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: 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.

Latest action (Mar 30, 2022): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 30, 2022

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.