H.R. 703 · 119th Congress
Main Street Tax Certainty Act
- Stage
- In committee
- Sponsor
- Lloyd Smucker
- Introduced
- 2025-01-23
- Latest action
- 2025-01-23 · Introduced in House
Summary
Main Street Tax Certainty Act
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.