Main Street Tax Certainty Act

Main Street Tax Certainty Act

This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025.)

Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to any trade or business, excluding capital gains or losses, dividends, interest income, or income earned outside the U.S.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4721 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4721

   To amend the Internal Revenue Code of 1986 to make permanent the 
                deduction for qualified business income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 18, 2023

 Mr. Smucker (for himself, Mr. Cuellar, Mr. Gottheimer, Mr. Buchanan, 
 Mr. Smith of Nebraska, Mr. Kelly of Pennsylvania, Mr. Schweikert, Mr. 
LaHood, Mr. Wenstrup, Mr. Arrington, Mr. Ferguson, Mr. Estes, Mr. Hern, 
Mrs. Miller of West Virginia, Mr. Murphy, Mr. Kustoff, Mr. Fitzpatrick, 
Mr. Steube, Ms. Tenney, Mrs. Fischbach, Mr. Moore of Utah, Mrs. Steel, 
 Ms. Van Duyne, Mr. Feenstra, Ms. Malliotakis, Mr. Carey, Mr. Wittman, 
 Mrs. Cammack, Mr. Meuser, Mr. Balderson, Mr. Grothman, Mr. Bacon, Mr. 
  Burchett, Mr. Barr, Mr. Reschenthaler, Mr. Bergman, Mr. Perry, Mr. 
    Joyce of Pennsylvania, Ms. Mace, Mr. Sessions, Mr. Mooney, Mr. 
  Moolenaar, Mrs. Harshbarger, Mr. Cole, Mr. LaTurner, Mr. Ezell, Mr. 
Fitzgerald, Mr. Moore of Alabama, Mr. Timmons, Mr. Hudson, Mr. Curtis, 
 Mr. Ellzey, Mr. Stauber, Mr. Banks, Ms. Stefanik, Mrs. Miller-Meeks, 
   Mr. Bucshon, Mr. Amodei, Mrs. Kim of California, Mrs. Hinson, Mr. 
Higgins of Louisiana, Mrs. Wagner, Mr. Pence, Mr. Johnson of Ohio, Mr. 
Jackson of Texas, Mr. Luetkemeyer, Mr. Bean of Florida, Mr. Moran, Mr. 
 Williams of Texas, Mr. Yakym, Mr. Alford, Mr. Garbarino, Mr. Dunn of 
 Florida, Mr. Edwards, Mr. Miller of Ohio, Mr. Ogles, Mr. Kean of New 
   Jersey, Mr. Weber of Texas, Mr. Guest, Mr. Rouzer, Mr. Mann, Mr. 
Rutherford, Mrs. Bice, Mr. Graves of Missouri, Mr. Green of Tennessee, 
  Mr. Finstad, Mr. Walberg, Mr. James, Mr. Kelly of Mississippi, Mr. 
 Langworthy, Mr. Crawford, and Mr. Austin Scott of Georgia) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

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                                 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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