Bill Details
View committees (1)
View cosponsors (20)
- Sen. Grassley, Chuck [R-Iowa]
- Sen. Cramer, Kevin [R-North Dakota]
- Sen. Moran, Jerry [R-Kansas]
- Sen. Blackburn, Marsha [R-Tennessee]
- Sen. Rounds, Mike [R-South Dakota]
- Sen. Capito, Shelley Moore [R-West Virginia]
- Sen. Ricketts, Pete [R-Nebraska]
- Sen. Britt, Katie Boyd [R-Alabama]
- Sen. Risch, James E. [R-Idaho]
- Sen. Schmitt, Eric [R-Missouri]
- Sen. Wicker, Roger F. [R-Mississippi]
- Sen. Lummis, Cynthia M. [R-Wyoming]
- Sen. Hyde-Smith, Cindy [R-Mississippi]
- Sen. Tuberville, Tommy [R-Alabama]
- Sen. Cruz, Ted [R-Texas]
- Sen. Lankford, James [R-Oklahoma]
- Sen. Hoeven, John [R-North Dakota]
- Sen. Tillis, Thomas [R-North Carolina]
- Sen. Marshall, Roger [R-Kansas]
- Sen. Justice, James C. [R-West Virginia]
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would make permanent the tax deduction for qualified business income, which is a tax break many small business owners and self-employed people can use. Right now, this deduction is not permanent under current law, so this bill would remove the expiration and make the rule lasting. In simple terms, it aims to give business owners more certainty about their taxes from year to year.
- It changes the Internal Revenue Code so the qualified business income deduction no longer expires.
- This deduction is commonly used by many pass-through businesses, such as sole proprietors, partnerships, and S corporations.
- The bill is very short and focuses on one main change: making the deduction permanent.
Official Summaries
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 213 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 213
To amend the Internal Revenue Code of 1986 to make permanent the
deduction for qualified business income.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Main Street Tax Certainty Act''.
SEC. 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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