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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. This aims to prevent heirs from having to sell assets to cover tax burdens. It supports the financial stability of families and the continuity of business operations.
Key points
Support for current tax rules that facilitate the transfer of assets (land, equipment, buildings) within families without additional burdens.
Opposition to introducing new taxes that could threaten the existence of family farms and small businesses.
Recognition that the ability to transfer businesses from generation to generation is crucial for their survival and growth.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HRES_237
Sponsor: Rep. Mann, Tracey [R-KS-1]
Process start date: 2023-03-21
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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 118_HRES_237.

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 2023-03-21.

What are the main provisions?

Key points include:

  • Support for current tax rules that facilitate the transfer of assets (land, equipment, buildings) within families without additional burdens.
  • Opposition to introducing new taxes that could threaten the existence of family farms and small businesses.
  • Recognition that the ability to transfer businesses from generation to generation 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: Sponsor introductory remarks on measure. (CR H1332)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Agriculture Economy