Nebraska Cattlemen Introduces Stepped-Up Basis at NCBA Convention
Nebraska Cattlemen introduced the following Stepped-Up Basis resolution during the Tax and Credit Committee at the 2020 Cattle Industry Convention on Thursday, February 5th. The resolution was voted on and passed by the committee at that time.
WHEREAS, NCBA’s agricultural producers have been working for generations with the hope that their heirs or other designated beneficiaries will carry on their agricultural operations, and
WHEREAS, stepped-up basis is a critical tool to meet producers’ unique needs for protecting assets for future generations, and
WHEREAS, discontinuing this practice has the potential to create undue tax liability for the heirs or other designated beneficiaries,
THEREFORE BE IT RESOLVED, NCBA supports preservation of stepped-up basis for assets in any future tax relief legislation.
“Carrying on the legacy of our predecessors and those that come after us is an important aspect of our industry. It is hard enough to get started or take over the operation from another generation, undue tax liabilities should not be a deciding factor for our heirs.” – Ken Herz, NC President.
Friday afternoon the National Cattlemen’s Beef Association (NCBA) board of directors approved this resolution into policy for the organization. NCBA uses these policies and resolutions as a guide to fight for cattlemen and women’s rights in Washington D.C.