summary
Introduced
08/18/2023
08/18/2023
In Committee
08/18/2023
08/18/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend section 199A of the Internal Revenue Code of 1986 to allow the deduction under that section to apply to qualified BDC interest dividends in the same manner as qualified REIT dividends.
AI Summary
This bill amends the Internal Revenue Code to allow the qualified business income (QBI) deduction to apply to qualified business development company (BDC) interest dividends in the same manner as qualified real estate investment trust (REIT) dividends. Specifically, the bill defines a "qualified BDC interest dividend" as any dividend from an electing BDC (a BDC that has elected to be treated as a regulated investment company) that is attributable to the BDC's net interest income from a qualified trade or business. The amendments made by this bill will be effective for taxable years beginning after December 31, 2024.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Referred to the House Committee on Ways and Means. (on 08/18/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Small Business
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/5225/all-info | 08/19/2023 |
| BillText | https://www.congress.gov/118/bills/hr5225/BILLS-118hr5225ih.pdf | 08/24/2023 |
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