we have to stop continued efforts to undermine stepped-up basis and supercharge the death tax.
Stop efforts to undermine stepped-up basis and increase the estate tax on family farms.
Occurrences
Evidence
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The Biden White House proposed ending stepped-up basis for gains above $1 million, while stating protections would be designed for family-owned businesses and farms transferred to heirs who continue operating them.
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Treasury proposed treating transfers of appreciated property by gift or at death as realization events, with gain recognized at death and payment deferral for certain family-owned and operated businesses.
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Section 1014 provides that property acquired from a decedent generally takes a basis equal to fair market value at the date of the decedent's death, including property acquired by bequest, devise, or inheritance.
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The House vote on the motion to concur in the Senate amendment to H.R. 1 passed 218-214; Representative Graves, Republican, Missouri, voted Aye.
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Section 70106, Extension and enhancement of increased estate and gift tax exemption amounts, amended 26 U.S.C. 2010(c)(3) by replacing $5,000,000 with $15,000,000, effective for estates of decedents dying and gifts made after December 31, 2025.
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The House vote on passage of H.R. 1 passed 215-214-1; Representative Graves, Republican, Missouri, voted Yea.
Assessments
Graves materially supported the federal outcome during his current House service by voting for H.R. 1 in 2025 and for final concurrence. The enacted Public Law 119-21 increased the estate and gift tax exemption beginning in 2026 rather than increasing estate tax exposure, while stepped-up basis remained in federal law under 26 U.S.C. 1014. That matches the promise to stop federal efforts to undermine stepped-up basis and raise estate tax burdens on family farms.