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Protecting Family Farms and Small Businesses from New Taxes

This House Resolution emphasizes the importance of current tax rules that help families pass down farms and small businesses to the next generation without high taxes. It aims to prevent situations where families might have to sell their businesses to cover taxes on inherited assets. This supports the financial stability and continuity of many family-owned businesses in the U.S.
Key points
Maintaining current tax rules that allow inherited assets (e.g., land, buildings) to be valued at their current market price, reducing capital gains tax upon sale.
Opposing new taxes that could burden family farms and small businesses, making it harder to pass them down through generations.
Recognizing that the ability to transfer family businesses and farms without excessive tax burdens is crucial for their survival and growth.
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Expired
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Additional Information
Print number: 117_HRES_1015
Sponsor: Rep. Mann, Tracey [R-KS-1]
Process start date: 2022-03-30
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HRES_1015.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-30.

What are the main provisions?

Key points include:

  • Maintaining current tax rules that allow inherited assets (e.g., land, buildings) to be valued at their current market price, reducing capital gains tax upon sale.
  • Opposing new taxes that could burden family farms and small businesses, making it harder to pass them down through generations.
  • Recognizing that the ability to transfer family businesses and farms without excessive tax burdens is crucial for their survival and growth.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mann, Tracey [R-KS-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Family Agriculture