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 measure says the House recognizes the importance of a tax rule called “stepped-up basis” in helping keep family‑owned farms and small businesses intact across generations .

Key points:

• Who is affected: Family‑owned farms and small businesses .
• What it does: Formally recognizes the importance of the stepped‑up basis rule in the tax code .
• Changes to law or taxes: None are stated here; it is a recognition, not a change .