117 HRES 1015 IH: 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. U.S. House of Representatives 2022-03-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IV117th CONGRESS2d SessionH. RES. 1015IN THE HOUSE OF REPRESENTATIVESMarch 30, 2022Mr. 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 MeansRESOLUTIONRecognizing 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; andWhereas 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

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.