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.

Hozzl · 2024-03-14T04:05:28Z

Explore the details of House Bill 237 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. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/14/2024, 4:05 AM

Summary of Bill HRES 237

Bill 118 HRES 237, titled "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 introduced in the US Congress. The resolution acknowledges the significance of the stepped-up basis provision in the Internal Revenue Code, specifically under section 1014, in protecting family-owned farms and small businesses.

The stepped-up basis provision allows heirs to value inherited assets at their current market value, rather than the original purchase price. This can result in significant tax savings for families passing down farms and businesses to the next generation. By recognizing the importance of this provision, the resolution aims to highlight the role it plays in preserving these types of enterprises and ensuring their continued success.

The resolution emphasizes the unique challenges faced by family-owned farms and small businesses, including the potential burden of estate taxes. It acknowledges that the stepped-up basis provision can help alleviate some of these challenges and facilitate the smooth transition of ownership from one generation to the next. Overall, Bill 118 HRES 237 underscores the importance of maintaining the stepped-up basis provision in the Internal Revenue Code to support the long-term viability of family-owned farms and small businesses. It serves as a reminder of the critical role that tax policy plays in preserving these important sectors of the economy.

Congressional Summary of HRES 237

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.

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Current Status of Bill HRES 237

Bill HRES 237 is currently in the status of Introduced to House since March 21, 2023. Bill HRES 237 was introduced during Congress 118 and was introduced to the House on March 21, 2023. Bill HRES 237's most recent activity was Sponsor introductory remarks on measure. (CR H1332) as of March 23, 2023

Bipartisan Support of Bill HRES 237

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

152

Democrat Cosponsors

Republican Cosponsors

144

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HRES 237

Primary Policy Focus

Taxation

Potential Impact Areas

Capital gains taxFarmlandSmall businessTax administration and collection, taxpayers

Alternate Title(s) of Bill HRES 237

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.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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