119th Congress
H.Res. 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.
- Introduced
- In committee
- Agreed to
- Sponsor
- Tracey Mann(R-KS)
- Introduced
- Mar 10, 2025
- Policy area
- Taxation
- Committees
- House Committee on Ways and Means
- Official text
- Introduced in House · Congress.gov page
Cosponsors (29)
Original cosponsors (24)
- Adrian Smith (R-NE)
- Angie Craig (D-MN)
- Ann Wagner (R-MO)
- Barry Moore (R-AL)
- Brad Finstad (R-MN)
- Charles J. "Chuck" Fleischmann (R-TN)
- Claudia Tenney (R-NY)
- Daniel Meuser (R-PA)
- Dan Newhouse (R-WA)
- Derek Schmidt (R-KS)
- Frank D. Lucas (R-OK)
- Jim Costa (D-CA)
- Jimmy Panetta (D-CA)
- John R. Moolenaar (R-MI)
- John W. Rose (R-TN)
- Keith Self (R-TX)
- Mark Alford (R-MO)
- Mary E. Miller (R-IL)
- Michael Guest (R-MS)
- Randy Feenstra (R-IA)
- Robert E. Latta (R-OH)
- Russ Fulcher (R-ID)
- Sam Graves (R-MO)
- Tom Cole (R-OK)
Added later (5)
- Darin LaHood (R-IL) · Mar 11, 2025
- Derrick Van Orden (R-WI) · Mar 11, 2025
- Gabe Evans (R-CO) · Mar 25, 2025
- Nathaniel Moran (R-TX) · Mar 26, 2025
- Elise M. Stefanik (R-NY) · Apr 9, 2025
Summary
Summary by the Congressional Research Service· describes the “Introduced in House” version
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).
Roll-call votes
No recorded votes on this bill.
Actions
- Mar 10, 2025 · House
Referred to the House Committee on Ways and Means. - Mar 10, 2025
Submitted in House