H.Res. 206 — 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.

H.Res. 206 — 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. | JustPolicyThe purpose of this resolution is to highlight the importance of a tax provision known as the stepped-up basis, which is part of the Internal Revenue Code. This provision allows individuals who inherit assets, such as land or equipment, to adjust the value of those assets for tax purposes to their current market value. The resolution aims to protect family-owned farms and small businesses from potential tax increases that could arise if this provision were to be eliminated.