HR 703
Main Street Tax Certainty Act
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.
Bill status
- Status
- In committee
- Sponsor
- Rep. Lloyd Smucker [R-PA-11]
- Cosponsors
- 192
- Policy area
- Taxation
- Introduced
- 2025-01-23
- Latest action
- 2025-01-23: Referred to the House Committee on Ways and Means.
Committee referrals
Recent actions
- 2025-01-23: Referred to the House Committee on Ways and Means.
- 2025-01-23: Introduced in House
- 2025-01-23: Introduced in House