The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement regarding a new report that finds that repealing the stepped-up basis tax provision could significantly decrease job creation and hurt America’s small business owners.
“As this study shows, repealing the step-up in basis tax provision would hurt America’s family-owned businesses and destroy jobs,” said NFIB Senior Manager of Federal Government Relations Courtney Titus Brooks. “Eliminating step-up in basis would require small business owners to pay a new tax when a family business partner dies, and potentially force them to sell their business just to pay the tax and associated fees. NFIB encourages Congress and President Biden to stand up for Main Street and keep this important policy in place.”
The study was conducted for the Family Business Estate Tax Coalition, which includes almost 60 organizations representing family-owned businesses. The full report with an executive summary can be found here.