Protect Stepped-Up Basis!
Legislation proposed in Congress would tax capital gains at death and eliminate stepped-up basis to raise revenue to pay for government spending. Stepped-up basis helps in generational transfers of farms by allowing farm and ranch families to pay capital gains taxes only on a property’s increase in value since the time the land was inherited, instead of paying the full increase in value since it was purchased by a deceased relative. Without stepped-up basis Nebraska families could literally be forced to sell the farm to pay capital gains taxes. Stand up for stepped-up!
