H.Res. 206 · 119th 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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MannSponsor29 cosponsors · 3 D, 26 R
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Alford
TC
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Cole
JC
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Costa
AC
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Craig
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Feenstra
CF
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Fleischmann
RF
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Fulcher
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Finstad
SG
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Graves
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Guest
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Lucas
RL
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Latta
JM
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Moolenaar
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Meuser
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Miller
BM
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Moore
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Newhouse
JP
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Panetta
JR
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Rose
AS
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Smith
KS
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Self
DS
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Schmidt
CT
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Tenney
AW
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Wagner
DL
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LaHood
DV
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Van Orden
GE
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Evans
NM
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Moran
ES
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Stefanik24 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This resolution supports preserving the stepped-up basis of certain inherited assets (such as land, equipment, or buildings), 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.
What it does: CRS summary · Introduced in House · Mar 10, 2025
This resolution supports preserving the stepped-up basis of certain inherited assets (such as land, equipment, or buildings), 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.
As background, the basis for federal tax purposes of certain inherited assets is reset (or stepped up) from the original cost basis to the fair market value of the asset on the date of the previous owner’s death. Thus, any gain or loss on the subsequent sale of an inherited asset generally is calculated based on the asset’s stepped-up basis (and not the original cost basis).
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 10, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 10, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.