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UPDATE: Thune Proposed Amendment to Budget Resolution. Don’t Eliminate Step Up! - Pat Soldano

Early Wednesday morning, Sen. John Thune (R-SD) offered Amendment #3106 to the Senate budget resolution, protecting owners of generationally-owned businesses, farms, and ranches so that they may continue to transfer ownership or operations to family members based upon existing tax principles.

Sen. Thune said the amendment provides small farmers permanent relief by providing a permanent step up in basis. Sen. Ron Wyden (D-OR) said capital gains reform should protect farmers while also making sure that the wealthiest pay their fair share, and that he supports the amendment, along with Sen. Catherine Cortez Masto’s Amendment #3317. The amendment was adopted, 99 yeas and 0 nays.

Unfortunately, Sen. Cortez Masto’s amendment—which establishes a reserve fund relating to protecting family farms, ranches, and small businesses—was not adopted, 49 yeas and 51 nays. Sen. Sinema was the only Democrat to vote no. Sen. Wyden’s Amendment #3569, reserving funds related to increasing the progressivity of the tax code, also failed to be adopted. Sens. Hassan, Shaheen and Sinema voted no, leading to 47 yeas and 51 nays.

Sen. Todd Young’s (R-IN) Amendment #3444 was adopted with 98 yeas and 1 nay. The amendment prevents tax increases that would violate President Biden’s repeated promise to not impose a single penny in tax increases on people making less than $400,000 per year. Sen. Carper was the sole Democrat to vote no. With over 1,000 amendments filed, the amendments introduced by Sens. Thune and Young were two of 23 amendments to pass.

You can watch the debates and votes on the amendment via videos below.

Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.

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Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.