Main Street Tax Certainty Act
This bill appears to be dead.
No action recorded in 1 year, 4 months. The structural status reflects an earlier milestone, not current activity.
This bill makes permanent the qualified business income (QBI) tax deduction. Under current law, individuals, estates, and trusts may deduct the lower of (1) 20% of QBI from a qualified business, qualified real estate investment trust dividends, and qualified publicly traded partnership income; or (2) 20% of taxable income less net capital gain. (Some limitations apply.) However, under current law, the QBI tax deduction expires after December 31, 2025.
Filed in the House
This house bill has been filed and is working its way through Congress. It will need to pass both the House and the Senate, then be signed by the President to become law.
Who introduced this
Lloyd Smucker
RepublicanU.S. Representative · PA-11
Bipartisan — 192 cosponsors (3 D, 189 R)
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