HRES 206 119th 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.
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...
Excerpt from the latest CRS summary Mar 10, 2025 Congress.gov
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Introduction Congress.gov
Introduced
Introduced in the House.
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Referred to the House Committee on Ways and Means.
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Submitted in House
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Submitted in House
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| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the House. | Congress.gov | |
| Official actionReferred to the House Committee on Ways and Means. | No additional detail supplied.IntroReferral · House floor actions · Code H11100 | Congress.gov | |
| Official actionSubmitted in House | No additional detail supplied.IntroReferral · Library of Congress · Code H11100 | Congress.gov | |
| Official actionSubmitted in House | No additional detail supplied.IntroReferral · Library of Congress · Code 1025 | Congress.gov | |
| Text versionIntroduced in House | A dated text-version record is available. | Congress.gov |
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CRS summary
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).
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- Introduced in HouseMar 10, 2025