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.

This resolution expresses support for keeping a tax rule called "stepped-up basis," which resets the value of inherited property — like land, equipment, or buildings — to what it's worth when the previous owner dies, rather than what they originally paid for it. This matters because when someone later sells the inherited property, they only pay taxes on the increase in value after they inherited it, not the full increase from when it was originally bought. The resolution also opposes any new taxes on family farms or small businesses and recognizes the importance of passing farms and family-owned businesses down from one generation to the next.

Your Vote