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Axne: No stepped-up basis changes in House passed BBB Act

Third District Congresswoman Cindy Axne

Iowa Third District Congresswoman Cindy Axne is touting the Build Back Better Act passed by the U.S. House on Friday.

Axne – the lone U.S. Representative from Iowa to vote yes on the bill – says perhaps the biggest component of the Build Back Better Act that farmers were watching closely was the important stepped-up basis tax provision. In a Zoom call with members of the media Friday morning, Axne acknowledged there were efforts from the administration to scrap stepped-up basis, but in the end, she was happy to see it was left untouched in the approved package.

AUDIO: Rep. Cindy Axne (D-Iowa)

“There are no changes to the stepped-up basis at this point,” Axne said. “There were going to be possibly. That is something that I fought tooth and nail against. We wanted to make sure we could pass our family farms on to the kids and continue to have those in our families. That was a key priority for me. I know it was a priority for the president, but I had to work really hard to make sure it wasn’t in there because many folks saw it as an opportunity for a pay-for. But you know what, we were actually able to get to the people who should be paying their fair share, that top less than 1% and not our hardworking farmers and farm families in Iowa. I can tell you that stepped-up basis isn’t in there. There’s also no IRS piece in there for looking at bank accounts either because I listened to Iowans and I wanted to make sure we fulfilled those promises.”

A number of Axne’s priorities were included in the final version of the bill, including: affordable child care, biofuels infrastructure, expanded rural broadband, affordable prescription drugs, career skills training programs, housing, and improved support for older Iowans and their families.

The $1.7 trillion social spending and climate bill now awaits action in the Senate.