IV 
117TH CONGRESS 
2D SESSION 
H. RES. 1015 
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. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 30, 2022 
Mr. MANN (for himself, Mr. SMITH of Missouri, Mr. LATTA, Mr. RODNEY 
DAVIS of Illinois, Mr. GIBBS, Mr. MEUSER, Mrs. CAMMACK, Mr. DUN-
CAN, Mr. NORMAN, Mr. BALDERSON, Mr. TONY GONZALES of Texas, Mr. 
WITTMAN, Mr. BUDD, Mr. MOOLENAAR, Mr. VALADAO, Mrs. HARTZLER, 
Mr. CLOUD, Mr. LAMALFA, Mr. JACKSON, Mr. BACON, Mr. HUDSON, 
Mr. GUEST, Mr. COLE, Mr. LUCAS, Mr. GRAVES of Missouri, Mr. 
COMER, Mr. SESSIONS, Mr. STEUBE, Ms. CHENEY, Mr. LATURNER, Mr. 
KELLER, Mr. COSTA, Mr. SIMPSON, Mr. LUETKEMEYER, Mr. CARTER of 
Georgia, Mr. JOHNSON of Ohio, Mr. JOHNSON of South Dakota, Mr. 
PENCE, Mr. BANKS, Mr. ROSENDALE, Mrs. HINSON, Mr. ROSE, Mr. 
ESTES, Mr. FEENSTRA, Ms. STEFANIK, Mrs. RODGERS of Washington, 
Mr. AUSTIN SCOTT of Georgia, Mr. BOST, Mr. ROUZER, Mr. EMMER, Mr. 
WILLIAMS of Texas, Mr. LAHOOD, Mr. BAIRD, Mrs. MILLER of Illinois, 
Mr. JOHNSON of Louisiana, Mr. CRAWFORD, Mr. PFLUGER, Mrs. 
MCCLAIN, Mrs. MILLER of West Virginia, Mr. MURPHY of North Caro-
lina, Mrs. MILLER-MEEKS, Mr. CAWTHORN, Mr. HUIZENGA, Mr. 
NEWHOUSE, Mr. STEIL, Mr. C. SCOTT FRANKLIN of Florida, Mr. MOORE 
of 
Alabama, 
Mrs. 
SPARTZ, 
Mr. 
LONG, 
Mr. 
MCCAUL, 
Mr. 
RESCHENTHALER, Mrs. FISCHBACH, Mr. ALLEN, and Mr. SMITH of Ne-
braska) submitted the following resolution; which was referred to the 
Committee on Ways and Means 
RESOLUTION 
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. 
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•HRES 1015 IH 
Whereas the stepped-up basis under section 1014 of the In-
ternal Revenue Code of 1986 allows recipients of inher-
ited assets such as land, equipment, or buildings to ad-
just the cost basis of the asset to reflect its fair market 
value; 
Whereas 98 percent of farms are family owned according to 
the Department of Agriculture, and 19 percent of all 
businesses are family owned according to the Small Busi-
ness Administration; 
Whereas a study conducted by the Economic Research Serv-
ice of the Department of Agriculture determined that 66 
percent of all midsized farms would see an increased tax 
liability if the stepped-up basis were eliminated; 
Whereas the stepped-up basis is a crucial component of many 
family farms and small business succession plans; and 
Whereas the elimination of the stepped-up basis would threat-
en the ability of farmers, ranchers, agribusinesses, and 
small business owners to make generational transfers of 
their operations: Now, therefore, be it 
Resolved, That the House of Representatives— 
(1) supports the preservation of the stepped-up 
basis; 
(2) opposes any efforts to impose new taxes on 
family farms or small businesses; and 
(3) recognizes the importance of generational 
transfers of farm and family-owned business oper-
ations. 
Æ 
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