Uncertainty remains around stepped-up basis
Many ag groups are pleased House Democrats will preserve stepped-up basis, but some concerns remain.
National Corn Growers Association President John Linder says estate tax provisions in the House Ways and Means Committee draft legislation could impact family farms.
Linder says NCGA will continue to work to preserve stepped-up basis and the current estate tax exemption.
U.S. Senator Chuck Grassley says there could be more attempts to modify stepped-up basis.
“I haven’t seen what the Senate Finance Committee is thinking of doing and they seem to be much more aggressive than the House Ways and Means Committee,” he says.
The Iowa republican says farmers need certainty in the tax code.
“It has become a political football and that brings uncertainty to the operation of a family farm and plans for estate and passing one business on to the next generation,” he says.
Grassley spoke with reporters today.