Bill · H.Res. 206· House(119-HRES-206)

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.

Age: 50 years

Kansas

Introduced: 3/10/2025
Last activity: 3/10/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Tracey Mann
Cosponsors: - 26 - 3

Taxation

Introduced
In Committee

A House resolution is the House speaking for itself: stating a position, honouring someone, or setting its own rules. Adopting it is the whole process. Once the House agrees to it, it is officially the House's word; it is not a law, so the Senate and the President have no part in it.

What this bill would do

This resolution expresses support for maintaining the stepped-up basis found in section 1014 of the Internal Revenue Code of 1986. It aims to protect the ability of individuals to pass down land, equipment, or buildings to heirs. The text notes that many farms and businesses are family-owned. It highlights that eliminating this basis could increase tax liabilities for many midsized farms. Finally, the resolution supports the preservation of generational transfers for these operations.

Yes· 3 of 8

Would farmers be better off under this?+9
The resolution is highly beneficial to farmers by protecting their ability to transfer land and operations to heirs without prohibitive tax burdens.
Would business owners be better off under this?+8
The resolution specifically protects the assets and succession plans of small business owners.
Does this make it easier to run a small business?+7
The resolution explicitly supports the preservation of family-owned small businesses through tax continuity.