Vilsack to speak with Treasury Secretary on importance of stepped up basis
An important update now for those of you concerned about stepped up basis.
Ag Secretary Tom Vilsack says that he will talk to the Treasury Department about why it is important to farm families. He made the comments while testifying on the USDA budget to the House Ag Appropriations Committee.
Vilsack said that under current law stepped up basis is only an issue when heirs want to sell the family farm, but a Senate proposal would tax all inherited property over a million dollars with no step up in basis.