summary
Introduced
05/23/2019
05/23/2019
In Committee
05/23/2019
05/23/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to increase and expand the deduction for qualified business income. This bill revises the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee.
AI Summary
This bill, the Freedom for Small Businesses Act of 2019, proposes to amend the Internal Revenue Code to make the deduction for qualified business income permanent, limit the top tax rate on such income to 21%, repeal the limitation on the deduction based on the amount of wages paid, and revise the definition of qualified trade or business to include any trade or business other than the trade of business of performing services as an employee. The bill also includes several conforming amendments to the existing tax code provisions related to the qualified business income deduction.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 05/23/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/2971/all-info |
| BillText | https://www.congress.gov/116/bills/hr2971/BILLS-116hr2971ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr2971/BILLS-116hr2971ih.pdf.pdf |
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