Our Mission

Learn who we are and how we serve our community

Leadership

Meet our leaders, trustees and team

Foundation

Developing the next generation of talent

Resources for Small Businesses

Tools and information to support your business goals

Research

Check out wide-ranging resources that educate and inspire

Global Public Policy

Learn about the governmental initiatives we support

Events

Connect with other professionals at a local, regional or national event

Virtual Series

Find webinars from industry experts on the latest topics and trends

Professional Development

Grow your skills online, in a class or at an event with expert guidance

Find Members

Access our Member Directory and connect with colleagues

Virtual Community

Network, join industry discussions and find professional resources

Student Resources

Find tools to support your education and professional development

Become a Member

Learn about how to join ICSC and the benefits of membership

Renew Membership

Stay connected with ICSC and continue to receive membership benefits

 

Stepped-Up Basis

Under current law, capital gains are generally taxed when an asset is sold and the seller has cash to pay the tax liability. For inherited assets, the basis is “stepped up” to the current fair market value (FMV). Large transfers of wealth are subject to the estate tax, which is currently 40 percent on amounts over $11.7 million for couples. An Ernst & Young study found that repeal of stepped-up basis would reduce wages by $32 for every $100 in new taxes collected and eliminate 80,000 jobs per year. ICSC believes that stepped-up basis must continue to apply to family-owned businesses, particularly when the gains relate to highly illiquid assets like real estate, where the burden of the tax otherwise could force the dismantling of a family’s livelihood.

Stepped-Up Basis, view here

Ernst & Young: Stepped-Up Basis Report 

For more information, contact

Phillips Hinch

Vice President, Tax Policy

+1 202 626 1402

phinch@icsc.com