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119-hres-206119th Congress

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.

Sponsored By: Representative Mann, Tracey [R-KS-1]

Introduced

Summary

Preserve the stepped-up basis for inherited assets so family farms and small businesses can pass operations to the next generation.

Show full summary
  • Farmers and ranchers: The resolution stresses that the stepped-up basis affects roughly 98% of farms according to the Department of Agriculture and that about 66% of midsized farms would face higher tax bills if it were eliminated, per the Economic Research Service.
  • Family-owned small businesses: It highlights that about 19% of all businesses are family-owned, cites succession planning concerns, and opposes new taxes that could raise costs for those transfers.
  • Lawmakers and tax debates: The resolution would state support for section 1014 of the tax code and formally oppose efforts to impose new taxes on family farms or small businesses, signaling a clear policy preference in future tax discussions.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Mann, Tracey [R-KS-1]

KS • R

Cosponsors

  • Rep. Costa, Jim [D-CA-21]

    CA • D

    Sponsored 3/10/2025

  • Rep. Panetta, Jimmy [D-CA-19]

    CA • D

    Sponsored 3/10/2025

  • Rep. Craig, Angie [D-MN-2]

    MN • D

    Sponsored 3/10/2025

  • Rep. Smith, Adrian [R-NE-3]

    NE • R

    Sponsored 3/10/2025

  • Rep. Finstad, Brad [R-MN-1]

    MN • R

    Sponsored 3/10/2025

  • Rep. Feenstra, Randy [R-IA-4]

    IA • R

    Sponsored 3/10/2025

  • Rep. Meuser, Daniel [R-PA-9]

    PA • R

    Sponsored 3/10/2025

  • Rep. Latta, Robert E. [R-OH-5]

    OH • R

    Sponsored 3/10/2025

  • Rep. Fulcher, Russ [R-ID-1]

    ID • R

    Sponsored 3/10/2025

  • Rep. Wagner, Ann [R-MO-2]

    MO • R

    Sponsored 3/10/2025

  • Rep. Tenney, Claudia [R-NY-24]

    NY • R

    Sponsored 3/10/2025

  • Rep. Newhouse, Dan [R-WA-4]

    WA • R

    Sponsored 3/10/2025

  • Rep. Fleischmann, Charles J. "Chuck" [R-TN-3]

    TN • R

    Sponsored 3/10/2025

  • Rep. Alford, Mark [R-MO-4]

    MO • R

    Sponsored 3/10/2025

  • Rep. Moolenaar, John R. [R-MI-2]

    MI • R

    Sponsored 3/10/2025

  • Rep. Graves, Sam [R-MO-6]

    MO • R

    Sponsored 3/10/2025

  • Rep. Lucas, Frank D. [R-OK-3]

    OK • R

    Sponsored 3/10/2025

  • Rep. Self, Keith [R-TX-3]

    TX • R

    Sponsored 3/10/2025

  • Rep. Guest, Michael [R-MS-3]

    MS • R

    Sponsored 3/10/2025

  • Rep. Schmidt, Derek [R-KS-2]

    KS • R

    Sponsored 3/10/2025

  • Rep. Miller, Mary E. [R-IL-15]

    IL • R

    Sponsored 3/10/2025

  • Rep. Rose, John W. [R-TN-6]

    TN • R

    Sponsored 3/10/2025

  • Rep. Cole, Tom [R-OK-4]

    OK • R

    Sponsored 3/10/2025

  • Rep. Moore, Barry [R-AL-1]

    AL • R

    Sponsored 3/10/2025

  • Rep. Van Orden, Derrick [R-WI-3]

    WI • R

    Sponsored 3/11/2025

  • Rep. LaHood, Darin [R-IL-16]

    IL • R

    Sponsored 3/11/2025

  • Rep. Evans, Gabe [R-CO-8]

    CO • R

    Sponsored 3/25/2025

  • Rep. Moran, Nathaniel [R-TX-1]

    TX • R

    Sponsored 3/26/2025

  • Rep. Stefanik, Elise M. [R-NY-21]

    NY • R

    Sponsored 4/9/2025

Roll Call Votes

No roll call votes available for this bill.

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