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 journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 30, 2022)
This resolution supports the preservation of the stepped-up basis tax rule that allows recipients of inherited assets such as land, equipment, or buildings to adjust the cost basis of the assets to reflect their fair market value. The resolution 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 just happenedMar 30, 2022
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseMar 30, 2022
- Mar 30, 2022IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Mar 30, 2022IntroReferralB00100
Sponsor introductory remarks on measure. (CR H3976-3977)
- Mar 30, 2022IntroReferralIntro-H
Introduced in House
- Mar 30, 2022IntroReferral1000
Introduced in House