S 213 ยท Main Street Tax Certainty Act
Read twice and referred to the Committee on Finance.
- Introduced
- Jan 23, 2025
- Latest action
- Jan 23, 2025
- Sponsor
- Sen. Steve Daines [R-MT]
- Policy area
- Taxation
- Cosponsors
- 45
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.
Recent actions
- Jan 23, 2025 Read twice and referred to the Committee on Finance.
- Jan 23, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.