HR 703 · 119th CongressIn Committeecongress.gov ↗

Main Street Tax Certainty Act

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Road to The Floor

How it works

Introduced

In Committee

On The Floor

Passed a Chamber

Passed Congress

To President

Became Law

What this bill does

AI plain-language summary

This bill would make permanent a tax deduction that is currently set to expire at the end of 2025. The deduction allows individuals, estates, and trusts to deduct up to 20% of their qualified business income or 20% of their taxable income minus net capital gain, whichever is lower. Right now, this deduction goes away after December 31, 2025, but this bill would let people keep using it indefinitely.

Sponsor

Rep. Smucker, Lloyd [R-PA-11]

R

Introduced

January 23, 2025

Policy Area

Taxation

Your Vote

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