Some lawmakers in Washington are trying to overhaul how inheritances are taxed, and it could be devastating to New Mexico’s family farms and ranches, association groups say.
The Sensible Taxation and Equity Promotion (STEP) Act, introduced by Sen. Chris Van Hollen (D-MD) would allow the government to retroactively tax heirs on all value added to their inheritance over the course of the decedent’s lifetime—not just since the decedent’s death.
