summary
Introduced
10/31/2019
10/31/2019
In Committee
10/31/2019
10/31/2019
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 expand the deduction for qualified business income, and for other purposes. This bill amends the Internal Revenue Code, with respect to the 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. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2019.
AI Summary
This bill amends the Internal Revenue Code to expand the deduction for qualified business income. Specifically, it makes the deduction permanent, limits the top tax rate on qualified business income to 21%, repeals the limitation on the deduction based on the amount of wages paid, and revises the definition of "qualified trade or business" to include any trade or business other than the trade or business of performing services as an employee. The bill also provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, and repeals the estate tax after 2019.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 10/31/2019)
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/4947/all-info |
| BillText | https://www.congress.gov/116/bills/hr4947/BILLS-116hr4947ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr4947/BILLS-116hr4947ih.pdf.pdf |
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