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Ways and Means Committee
- Referred To
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H.Res. 206In 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.
Introduced: Mar 10, 2025
Latest action date: Mar 10, 2025
Latest development
Referred to the House Committee on Ways and Means.
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- Congress
- 119th Congress
- Introduced
- Mar 10, 2025
- Recorded roll calls
- 0
Status detail: The most advanced recorded stage is committee consideration.
Plain-language overview
What this bill does
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).
Official summary from Congress.gov.
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What this legislation is about
Civixly topics make federal and state legislation comparable. They are derived from the official CRS policy area and legislative subjects.
Official CRS policy area
Taxation
Committee activity
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Official committee record ↗
Amendments
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No amendments are listed for this measure.
Checked against Congress.gov Oct 16, 2026.
Action timeline
Newest action first. Action language comes from the official Congress.gov record.
View full action timeline3 actions
Submitted in House
IntroReferralLibrary of CongressReferred to the House Committee on Ways and Means.
IntroReferralHouse floor actionsSubmitted in House
IntroReferralLibrary of Congress
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