[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1015 Introduced in House (IH)]

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117th CONGRESS
  2d Session
H. RES. 1015

 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 30, 2022

  Mr. Mann (for himself, Mr. Smith of Missouri, Mr. Latta, Mr. Rodney 
Davis of Illinois, Mr. Gibbs, Mr. Meuser, Mrs. Cammack, Mr. Duncan, Mr. 
  Norman, Mr. Balderson, Mr. Tony Gonzales of Texas, Mr. Wittman, Mr. 
    Budd, Mr. Moolenaar, Mr. Valadao, Mrs. Hartzler, Mr. Cloud, Mr. 
 LaMalfa, Mr. Jackson, Mr. Bacon, Mr. Hudson, Mr. Guest, Mr. Cole, Mr. 
Lucas, Mr. Graves of Missouri, Mr. Comer, Mr. Sessions, Mr. Steube, Ms. 
     Cheney, Mr. LaTurner, Mr. Keller, Mr. Costa, Mr. Simpson, Mr. 
Luetkemeyer, Mr. Carter of Georgia, Mr. Johnson of Ohio, Mr. Johnson of 
  South Dakota, Mr. Pence, Mr. Banks, Mr. Rosendale, Mrs. Hinson, Mr. 
     Rose, Mr. Estes, Mr. Feenstra, Ms. Stefanik, Mrs. Rodgers of 
  Washington, Mr. Austin Scott of Georgia, Mr. Bost, Mr. Rouzer, Mr. 
  Emmer, Mr. Williams of Texas, Mr. LaHood, Mr. Baird, Mrs. Miller of 
  Illinois, Mr. Johnson of Louisiana, Mr. Crawford, Mr. Pfluger, Mrs. 
 McClain, Mrs. Miller of West Virginia, Mr. Murphy of North Carolina, 
Mrs. Miller-Meeks, Mr. Cawthorn, Mr. Huizenga, Mr. Newhouse, Mr. Steil, 
 Mr. C. Scott Franklin of Florida, Mr. Moore of Alabama, Mrs. Spartz, 
Mr. Long, Mr. McCaul, Mr. Reschenthaler, Mrs. Fischbach, Mr. Allen, and 
 Mr. Smith of Nebraska) 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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