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Resolution · HRES

H.Res. 206 (119th)

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.

Original

referredUnited States· United States Congress· EN

Introduced

10 March 2025

Last action

10 March 2025 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Mann, Tracey [R-KS-1], Jim Costa, Jimmy Panetta, Angie Craig, Adrian Smith, Rep. Finstad, Brad [R-MN-1], Rep. Feenstra, Randy [R-IA-4], Rep. Meuser, Daniel [R-PA-9], Rep. Latta, Robert E. [R-OH-5], Rep. Fulcher, Russ [R-ID-1], Ann Wagner, Rep. Tenney, Claudia [R-NY-24], Rep. Newhouse, Dan [R-WA-4], Rep. Fleischmann, Charles J. "Chuck" [R-TN-3], Mark Alford, John Moolenaar, Sam Graves, Frank Lucas, Rep. Self, Keith [R-TX-3], Rep. Guest, Michael [R-MS-3], Rep. Schmidt, Derek [R-KS-2], Rep. Miller, Mary E. [R-IL-15], Rep. Rose, John W. [R-TN-6], Tom Cole, Barry Moore, Rep. Van Orden, Derrick [R-WI-3], Darin LaHood, Gabe Evans, Nathaniel Moran, Elise Stefanik

Subjects

Taxation

Source updated

7 May 2026

Taxation

Official sourceDownload fileView documentsShare

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).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 10 March 2025

    Introduced

    Submitted in House

    Source: IntroReferral

  2. 10 March 2025

    Introduced

    Submitted in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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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. — United States — PoliticalRepo