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HR 703In committeeTaxeshouse
Main Street Tax Certainty Act
Introduced Jan 23, 2025 by Rep. Lloyd Smucker
IntroducedCommitteeFloorCongressLaw
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
Latest action · Jan 23, 2025
Referred to the House Committee on Ways and Means.
What it does
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.
Summary by the Congressional Research Service.
Roll-call votes
No floor votes yet — it hasn't reached the floor of either chamber.