Cheney and colleagues introduce legislation protecting family-owned farms, ranches and businesses

WASHINGTON – Congresswoman Liz Cheney (R-WY) joined greater than 70 of her colleagues in introducing a bipartisan decision recognizing the necessary position of the stepped-up foundation in preserving family-owned farms, ranches, and small businesses. An extended-standing provision within the tax code, the stepped-up foundation prevents heirs from paying capital positive factors taxes on inherited belongings equivalent to land, tools, or buildings.

“The stepped-up foundation is a crucial provision of our tax code that helps farmers, ranchers, and small businesses move their belongings on from era to era. Our agriculture business and small businesses have suffered throughout this pandemic, and shouldn’t be saddled with extra authorities overreach and larger capital positive factors taxes. I’m proud to hitch my colleagues in supporting this commonsense decision to guard family-owned farms, ranches, and small businesses in Wyoming and throughout the nation.”

The decision 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 foundation is eradicated, 66% of all mid-sized farms would see an elevated tax legal responsibility.

The full textual content of the decision might be discovered here.