H.Res. 206

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 206 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. RES. 206

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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IN THE HOUSE OF REPRESENTATIVES

March 10, 2025

Mr. Mann (for himself, Mr. Costa, Mr. Panetta, Ms. Craig, Mr. Smith of 
Nebraska, Mr. Finstad, Mr. Feenstra, Mr. Meuser, Mr. Latta, Mr. 
Fulcher, Mrs. Wagner, Ms. Tenney, Mr. Newhouse, Mr. Fleischmann, Mr. 
Alford, Mr. Moolenaar, Mr. Graves, Mr. Lucas, Mr. Self, Mr. Guest, Mr. 
Schmidt, Mrs. Miller of Illinois, Mr. Rose, Mr. Cole, and Mr. Moore of 
Alabama) submitted the following resolution; which was referred to the 
Committee on Ways and Means

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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.

Whereas the stepped-up basis under section 1014 of the Internal Revenue Code of 
1986 allows recipients of inherited assets such as land, equipment, or 
buildings to adjust the cost basis of the asset to reflect its fair 
market value;
Whereas 98 percent of farms are family-owned according to the Department of 
Agriculture, and 19 percent of all businesses are family-owned according 
to the Small Business Administration;
Whereas a study conducted by the Economic Research Service of the Department of 
Agriculture determined that 66 percent of all midsized farms would see 
an increased tax liability if the stepped-up basis were eliminated;
Whereas the stepped-up basis is a crucial component of many family farms and 
small business succession plans; and
Whereas the elimination of the stepped-up basis would threaten the ability of 
farmers, ranchers, agribusinesses, and small business owners to make 
generational transfers of their operations: Now, therefore, be it
Resolved, That the House of Representatives--
(1) supports the preservation of the stepped-up basis;
(2) opposes any efforts to impose new taxes on family farms 
or small businesses; and
(3) recognizes the importance of generational transfers of 
farm and family-owned business operations.
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