Feenstra Helps Lead Resolution to Protect Step-Up In Basis

WASHINGTON, D.C. – Yesterday, U.S. Rep. Randy Feenstra (R-Hull) helped lead a resolution to protect step-up in basis for Iowa family farmers and main street businesses. More specifically, this resolution recognizes “the importance of stepped-up basis under section 1014 of the Internal Revenue Code of 1986 in preserving family-owned farms and small businesses.”

“President Biden’s nearly $7 trillion budget seeks to eliminate step-up in basis and raise taxes on rural America to fund his wasteful, inflationary agenda,” said Rep. Feenstra. “This decision would devastate family farmers who rely on step-up in basis to pass their farms on to the next generation and continue our proud agricultural traditions in Iowa. In Congress, I will work with my colleagues to defend step-up in basis and defeat massive tax hikes on our farmers and producers who feed and fuel the world.”

In addition to step-up in basis, President Biden’s FY 2024 budget proposes eliminating like-kind exchange, which would disincentivize investment in rural communities and stifle local economic development initiatives.

In August of 2021, Feenstra led 87 of his Republican colleagues in sending a letter to President Biden urging him to abandon his plan in his FY 2022 budget to cap like-kind exchanges.

You can find legislative text of the resolution HERE.

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