Cheney and colleagues introduce legislation protecting family-owned farms, ranches and businesses
WASHINGTON – Congresswoman Liz Cheney (R-WY) joined more than 70 of her colleagues in introducing a bipartisan resolution recognizing the important role of the stepped-up basis in preserving family-owned farms, ranches, and small businesses. A long-standing provision in the tax code, the stepped-up basis prevents heirs from paying capital gains taxes on inherited assets such as land, equipment, or buildings.
The resolution is supported by the National Cattlemen’s Beef Association, American Farm Bureau Federation, National Corn Growers Association, American Soybean Association, USA Rice, National Grange, and National Council of Farmer Cooperatives.
According to the U.S. Department of Agriculture, 98% of farms are family-owned. If the stepped-up basis is eliminated, 66% of all mid-sized farms would see an increased tax liability.
The full text of the resolution can be found here.