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.
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- 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
Costa
CA • D
Sponsored 3/10/2025
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 3/10/2025
Craig
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
Feenstra
IA • R
Sponsored 3/10/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 3/10/2025
Latta
OH • R
Sponsored 3/10/2025
Fulcher
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
Lucas
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
Schmidt
KS • R
Sponsored 3/10/2025
Rep. Miller, Mary E. [R-IL-15]
IL • R
Sponsored 3/10/2025
Rose
TN • R
Sponsored 3/10/2025
Cole
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
LaHood
IL • R
Sponsored 3/11/2025
Evans (CO)
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.
View on Congress.gov