HRES 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.

Summary

This resolution expresses the House's position regarding the "stepped-up basis" tax provision for inherited assets. The resolution cites that 98 percent of farms and 19 percent of businesses are family-owned, and includes a reference to a USDA study indicating that eliminating stepped-up basis would increase tax liability for approximately two-thirds of midsized farms. The resolution states that stepped-up basis plays an important role in family farm and small business succession planning. The resolution calls for preserving stepped-up basis and opposing new taxes on family farms or small businesses related to generational transfers.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)

Rep. Mann, Tracey [R-KS-1] (R-KS)

29 cosponsors

Rep. Alford, Mark [R-MO-4] (R-MO)
Rep. Cole, Tom [R-OK-4] (R-OK)
Rep. Costa, Jim [D-CA-21] (D-CA)
Rep. Craig, Angie [D-MN-2] (D-MN)
Rep. Evans, Gabe [R-CO-8] (R-CO)
Rep. Feenstra, Randy [R-IA-4] (R-IA)
Rep. Finstad, Brad [R-MN-1] (R-MN)
Rep. Fleischmann, Charles J. "Chuck" [R-TN-3] (R-TN)
Rep. Fulcher, Russ [R-ID-1] (R-ID)
Rep. Graves, Sam [R-MO-6] (R-MO)
Rep. Guest, Michael [R-MS-3] (R-MS)
Rep. LaHood, Darin [R-IL-16] (R-IL)
Rep. Latta, Robert E. [R-OH-5] (R-OH)
Rep. Lucas, Frank D. [R-OK-3] (R-OK)
Rep. Meuser, Daniel [R-PA-9] (R-PA)
Rep. Miller, Mary E. [R-IL-15] (R-IL)
Rep. Moolenaar, John R. [R-MI-2] (R-MI)
Rep. Moore, Barry [R-AL-1] (R-AL)
Rep. Moran, Nathaniel [R-TX-1] (R-TX)
Rep. Newhouse, Dan [R-WA-4] (R-WA)
Rep. Panetta, Jimmy [D-CA-19] (D-CA)
Rep. Rose, John W. [R-TN-6] (R-TN)
Rep. Schmidt, Derek [R-KS-2] (R-KS)
Rep. Self, Keith [R-TX-3] (R-TX)
Rep. Smith, Adrian [R-NE-3] (R-NE)
Rep. Stefanik, Elise M. [R-NY-21] (R-NY)
Rep. Tenney, Claudia [R-NY-24] (R-NY)
Rep. Van Orden, Derrick [R-WI-3] (R-WI)
Rep. Wagner, Ann [R-MO-2] (R-MO)

Money behind the sponsor

Top reported contributors to Tracey Mann’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.

WINTER LIVESTOCK $13,200
ICM INC. $8,300
SILVER COMPANIES $7,220
EQUITY BANK $6,850
CROSSLAND CONSTRUCTION COMPANY $6,600

Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Tracey Mann → · Outside spending →

Actions (2)

Mar 10, 2025 Referred to the House Committee on Ways and Means. · house
Mar 10, 2025 Submitted in House

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

Full text

IN THE HOUSE OF REPRESENTATIVES

March 10, 2025

Mr. Mann (for himself, Mr. Costa, Mr. Panetta, Ms. Craig, Mr. Smith of Nebraska, Mr. Finstad, Mr. Feenstra, Mr. Meuser, Mr. Latta, Mr. Fulcher, Mrs. Wagner, Ms. Tenney, Mr. Newhouse, Mr. Fleischmann, Mr. Alford, Mr. Moolenaar, Mr. Graves, Mr. Lucas, Mr. Self, Mr. Guest, Mr. Schmidt, Mrs. Miller of Illinois, Mr. Rose, Mr. Cole, and Mr. Moore of Alabama) submitted the following resolution; which was referred to the Committee on Ways and Means

RESOLUTION

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.

Whereas the stepped-up basis under section 1014 of the Internal Revenue Code of 1986 allows recipients of inherited assets such as land, equipment, or buildings to adjust the cost basis of the asset to reflect its fair market value; Whereas 98 percent of farms are family-owned according to the Department of Agriculture, and 19 percent of all businesses are family-owned according to the Small Business Administration; Whereas a study conducted by the Economic Research Service of the Department of Agriculture determined that 66 percent of all midsized farms would see an increased tax liability if the stepped-up basis were eliminated; Whereas the stepped-up basis is a crucial component of many family farms and small business succession plans; and Whereas the elimination of the stepped-up basis would threaten the ability of farmers, ranchers, agribusinesses, and small business owners to make generational transfers of their operations: Now, therefore, be it Resolved, That the House of Representatives—

(1) supports the preservation of the stepped-up basis;

(2) opposes any efforts to impose new taxes on family farms or small businesses; and

(3) recognizes the importance of generational transfers of farm and family-owned business operations. <all>

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