The House Ways and Means Committee today released its draft bill, which includes tax provisions that would pay for portions of the proposed $3.5 trillion budget reconciliation legislative package. While the bill would preserve stepped-up basis, there are several provisions impacting family farms, including lowering the current estate tax exemption. Stepped-up basis and the estate tax in the current tax code help protect family farms that are passed down from generation to generation.
In response to these developments, NCGA President John Linder released the following statement:
“We are very pleased to see that the House Committee did not include the elimination of stepped-up basis within its initial text. However, we are concerned with the provisions on the estate tax in the Committee draft that could impact family farms. NCGA will continue to work to preserve stepped-up basis and the current estate tax exemption as this process moves forward.
“Family farms produce crops that feed Americans and provide consumers with affordable and environmentally friendly fuel. We are grateful to the House Agriculture Committee for including funding for biofuels infrastructure in its bill and thank Representatives Cindy Axne, Angie Craig and Cheri Bustos, along with Chairman Scott, for their leadership. Greater market access for higher blends of ethanol deploys more low-carbon fuels while supporting rural economies. As the country works to meet the President’s ambitious climate goals, ethanol is the solution we need now.”