Summary
Untitled
- Action Date
- Mar 10, 2025
- Action Desc
- Introduced in House
- Bill Congress
- 119
- Bill Number
- 206
- Bill Origin Chamber
- House
- Bill Origin Chamber Code
- H
- Bill 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.
- Bill Type
- HRES
- Bill Update Date Including Text
- May 7, 2026
- Current Chamber
- House
- Current Chamber Code
- H
- Last Summary Update Date
- May 7, 2026
- Text
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).
- Update Date
- May 7, 2026
- Version Code
- 00