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.

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.

Bill 117 HRES 1015, also known as the "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," is a resolution that highlights the significance of the stepped-up basis provision in the Internal Revenue Code in protecting family-owned farms and small businesses.

The resolution emphasizes that the stepped-up basis provision, which allows heirs to inherit property at its current market value rather than its original purchase price, plays a crucial role in preventing the forced sale of family-owned farms and small businesses due to high estate taxes. By adjusting the basis of inherited property to its current value, heirs are able to avoid paying capital gains taxes on the appreciation of the property during the original owner's lifetime.

The resolution recognizes that family-owned farms and small businesses are often passed down through generations, and that the stepped-up basis provision helps to ensure the continuity and success of these enterprises. It also acknowledges the economic contributions of these businesses to local communities and the overall economy. Overall, Bill 117 HRES 1015 underscores the importance of maintaining the stepped-up basis provision in the Internal Revenue Code to support the preservation of family-owned farms and small businesses for future generations.