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.
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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).
Referred to the House Committee on Ways and Means.
- Introduced in House Formatted Text PDF Formatted XML
Cite this page
U.S. Congress. (2026). 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.. 119th Congress. Open America. https://openamerica.io/bill/119-HRES-206/
"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.." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HRES-206/.
H. Res. 206, 119th Cong. (2026), https://openamerica.io/bill/119-HRES-206/.
[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.](https://openamerica.io/bill/119-HRES-206/)