Plain English
GovGreed Synthesis ·
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.
Market Impact Map
Action Timeline
2025-01-23
Read twice and referred to the Committee on Finance.
2025-01-23
Introduced in Senate
Full Bill Text
119 S213 IS: Main Street Tax Certainty Act U.S. Senate 2025-01-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 213 IN THE SENATE OF THE UNITED STATES January 23, 2025 Mr. Daines (for himself, Mr. Grassley , Mr. Cramer , Mr. Moran , Mrs. Blackburn , Mr. Rounds , Mrs. Capito , Mr. Ricketts , Mrs. Britt , Mr. Risch , Mr. Schmitt , Mr. Wicker , Ms. Lummis , Mrs. Hyde-Smith , Mr. Tuberville , Mr. Cruz , Mr. Lankford , Mr. Hoeven , Mr. Tillis , Mr. Marshall , Mr. Justice , Mr. Sheehy , Mrs. Fischer , Ms. Ernst , Mr. Cassidy , Mr. Thune , Mr. Budd , Mr. Scott of Florida , Mr. Hagerty , Mr. Barrasso , Mr. Young , Mr. Kennedy , Mr. Scott of South Carolina , Mr. Banks , Mr. Cotton , Mr. Curtis , Mr. Sullivan , and Mr. Graham ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income. 1. Short title This Act may be cited as the Main Street Tax Certainty Act . 2. Deduction for qualified business income made permanent Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i).
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