To protect owners of generationally-owned businesses, farms, and ranches so that they may continue to transfer ownership or operations to family members or others based upon the same tax principles that existed when they began operations and under which they currently operate, including the full benefit of the step-up in basis.

SA 3106. Mr. THUNE submitted an amendment intended to be proposed by
him to the concurrent resolution S. Con. Res. 14, setting forth the
congressional budget for the United States Government for fiscal year
2022 and setting forth the appropriate budgetary levels for fiscal
years 2023 through 2031; which was ordered to lie on the table; as
follows:

At the end of title III, add the following:

SEC. 3___. DEFICIT-NEUTRAL RESERVE FUND RELATING TO
SUPPORTING PRIVATELY-HELD BUSINESSES, FARMS,
AND RANCHES.

The Chairman of the Committee on the Budget of the Senate
may revise the allocations of a committee or committees,
aggregates, and other appropriate levels in this resolution,
and make adjustments to the pay-as-you-go ledger, for one or
more bills, joint resolutions, amendments, amendments between
the Houses, motions, or conference reports relating to
protecting privately-held businesses, farms, and ranches,
which may include--
(1) preserving the tax principles in effect as of the date
of the adoption of this resolution which are applicable to
owning, operating, or transferring such businesses, farms,
and ranches,
(2) preserving the full benefit of the step-up in basis for
assets acquired from a decedent, or
(3) extending tax relief for such businesses, farms or
ranches,
provided that such legislation would not increase the deficit
over either the period of

[[Page S6305]]

the total of fiscal years 2022 through 2026 or the period of
the total of fiscal years 2022 through 2031.
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