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Ways and Means Committee
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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
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In committee
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Introduced
Mar 10, 2025
Latest action
Mar 10, 2025
Recorded roll calls
0
Civixly topics
What this legislation is about
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Official CRS policy area
Taxation
Bill 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).
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Checked against Congress.gov Sep 13, 2026.
Action timeline
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View full action timeline3 actions
Referred to the House Committee on Ways and Means.
IntroReferralHouse floor actionsSubmitted in House
IntroReferralLibrary of CongressSubmitted in House
IntroReferralLibrary of Congress
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