S 213 · 119th Congress — Main Street Tax Certainty Act
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…
- Congress
- 119
- Bill
- S 213
- Status
- Introduced
- Introduced
- 2025-01-23
- Latest action date
- 2025-01-23
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.
This summary may describe an earlier version. Check the official record for current wording.
Latest action
Read twice and referred to the Committee on Finance.
Sponsors
- Sen. Daines, Steve [R-MT]
Republican · Montana · Senate · Republican