Bipartisan Effort to Protect Family Farms and Small Businesses
U.S. Representatives Tracey Mann, Jim Costa, Adrian Smith, Jimmy Panetta, Bob Latta, and Angie Craig have reintroduced legislation to preserve the stepped-up basis provision in the tax code.
This provision allows recipients of inherited assets, such as land and equipment, to adjust their cost basis to reflect the fair market value, protecting them from capital gains taxes.
Rep. Mann emphasized the importance of this provision, stating, “Eliminating stepped-up basis and imposing this farm killer tax will destroy the livelihoods of producers and small business owners in Kansas and across the country.” Rep. Craig added, “I'm proud to be working across the aisle to preserve the stepped-up basis for the next generation of family farmers and producers.”
The resolution commits the House of Representatives to support the preservation of stepped-up basis and oppose any efforts to impose new taxes on family farms or small businesses. The legislation is backed by several other representatives, including Brad Finstad, Randy Feenstra, and Dan Meuser.
Rep. Mann has been a vocal advocate for preserving stepped-up basis, having introduced similar legislation in the past and leading efforts to protect this provision from changes proposed by the former Administration.
The resolution aims to ensure that family farms and small businesses can continue to thrive and be passed down to future generations.