H.Res. 206 has not moved since its introduction on Mar 10, 2025, with cosponsors from both parties
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.
Written by the Congressional Research Service [2]. 108 words.
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).
- Committees
- House Ways and Means Committee
- Policy area
- Taxation: 20 of 6,214 bills became law, 113th–118th (0.3%)
- Sponsor
- 1 of 63 bills enacted since 2013
- Text versions
- 1: introduced in house · 41 words
- Latest action
- Mar 10, 2025: Referred to the House Committee on Ways and Means.
- Records
- Congress.gov · Bill text
The bill status record lists no related bills.