HRES 237
118th Congress
House
Taxation
Capital gains tax
Farmland
Small business
Tax administration and collection, taxpayers
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.
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2023
Sponsor introductory remarks on measure. (CR H1332)
Mar 21, 2023
Referred to the House Committee on Ways and Means.
Mar 21, 2023
Introduced in House
Plain-English summary
This resolution supports the preservation of the stepped-up basis tax rule that allows recipients of inherited assets such as land, equipment, or buildings to adjust the cost basis of the assets to reflect their fair market value. The resolution 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.
What's happening now
Sponsor introductory remarks on measure. (CR H1332)
Committees of jurisdiction
1