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Protecting family farms and businesses from new inheritance taxes.

This House Resolution emphasizes the importance of current tax rules on inherited assets, which help families keep their farms and small businesses. It aims to prevent new taxes that could make it harder to pass these businesses down through generations, thereby protecting their financial stability.
Key points
Support for current inheritance rules that allow asset values to be updated to market value, reducing tax burdens when property is transferred.
Opposition to new taxes that could harm family farms and small businesses, making it difficult for them to continue operating after generational changes.
Recognition that the ability to pass businesses and farms from one generation to the next is crucial for their survival and stability.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HRES_206
Sponsor: Rep. Mann, Tracey [R-KS-1]
Process start date: 2025-03-10
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Summarized by: gemini-2.5-flash
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 119_HRES_206.

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 2025-03-10.

What are the main provisions?

Key points include:

  • Support for current inheritance rules that allow asset values to be updated to market value, reducing tax burdens when property is transferred.
  • Opposition to new taxes that could harm family farms and small businesses, making it difficult for them to continue operating after generational changes.
  • Recognition that the ability to pass businesses and farms from one generation to the next is crucial for their survival and stability.
What is the specific legal status?

The current status is Introduced.

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 2025-12-21.

CATEGORIES

Taxes Family Agriculture