HRES206Referred to Committee

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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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-03-10
Introduced
29
Cosponsors
HRES
ⓘ
Type

Sponsor

Tracey Mann
Tracey Mann
Republican · KS · Representative
Votes with party: 98.2% (554 recorded votes)

Full profile: /officials/M000871

Source: Congress.gov · FEC

Cosponsors (29)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

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Referred to the House Committee on Ways and Means.

2025-03-10

Source: Congress.gov

Committee Activity

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Plain-English 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).

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Taxation
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Related legislation

Bills by the same sponsor or covering overlapping subjects.