summary
Introduced
01/23/2025
01/23/2025
In Committee
01/23/2025
01/23/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
AI Summary
This bill aims to make permanent the tax deduction for qualified business income, which is currently set to expire. Specifically, the bill removes subsection (i) from Section 199A of the Internal Revenue Code of 1986, which would effectively eliminate the current sunset provision that would terminate this tax deduction. The qualified business income deduction, often referred to as the Section 199A deduction, allows eligible small business owners and self-employed individuals to deduct up to 20% of their qualified business income from their taxes. By making this deduction permanent, the bill provides long-term tax relief and financial certainty for small businesses and pass-through entities, such as sole proprietorships, partnerships, and S corporations. The changes would take effect for taxable years beginning after December 31, 2025, giving businesses and tax planners clear guidance about the future of this important tax provision.
Committee Categories
Budget and Finance
Sponsors (192)
Lloyd Smucker (R)*,
Robert Aderholt (R),
Mark Alford (R),
Rick Allen (R),
Mark Amodei (R),
Jodey Arrington (R),
Don Bacon (R),
Jim Baird (R),
Troy Balderson (R),
Andy Barr (R),
Tom Barrett (R),
Michael Baumgartner (R),
Aaron Bean (R),
Nicholas Begich (R),
Jack Bergman (R),
Stephanie Bice (R),
Andy Biggs (R),
Sheri Biggs (R),
Gus Bilirakis (R),
Mike Bost (R),
Robert Bresnahan (R),
Vern Buchanan (R),
Tim Burchett (R),
Eric Burlison (R),
Ken Calvert (R),
Kat Cammack (R),
Mike Carey (R),
Buddy Carter (R),
Juan Ciscomani (R),
Ben Cline (R),
Andrew Clyde (R),
Tom Cole (R),
Mike Collins (R),
James Comer (R),
Jeff Crank (R),
Dan Crenshaw (R),
Henry Cuellar (D),
Warren Davidson (R),
Monica De La Cruz (R),
Scott DesJarlais (R),
Troy Downing (R),
Neal Dunn (R),
Chuck Edwards (R),
Jake Ellzey (R),
Tom Emmer (R),
Ron Estes (R),
Gabe Evans (R),
Mike Ezell (R),
Pat Fallon (R),
Julie Fedorchak (R),
Randy Feenstra (R),
Brad Finstad (R),
Michelle Fischbach (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Chuck Fleischmann (R),
Mike Flood (R),
Vince Fong (R),
Virginia Foxx (R),
Scott Franklin (R),
Russell Fry (R),
Russ Fulcher (R),
Andrew Garbarino (R),
Brandon Gill (R),
Carlos Giménez (R),
Craig Goldman (R),
Tony Gonzales (R),
Lance Gooden (R),
Josh Gottheimer (D),
Sam Graves (R),
Mark Green (R),
Marjorie Taylor Greene (R),
Morgan Griffith (R),
Glenn Grothman (R),
Michael Guest (R),
Brett Guthrie (R),
Harriet Hageman (R),
Pat Harrigan (R),
Andy Harris (R),
Diana Harshbarger (R),
Kevin Hern (R),
Clay Higgins (R),
French Hill (R),
Ashley Hinson (R),
Erin Houchin (R),
Richard Hudson (R),
Bill Huizenga (R),
Wesley Hunt (R),
Jeff Hurd (R),
Brian Jack (R),
Ronny Jackson (R),
John James (R),
Dusty Johnson (R),
Jim Jordan (R),
Dave Joyce (R),
John Joyce (R),
Tom Kean (R),
Mike Kelly (R),
Trent Kelly (R),
Jen Kiggans (R),
Kevin Kiley (R),
Young Kim (R),
Brad Knott (R),
David Kustoff (R),
Darin LaHood (R),
Nick LaLota (R),
Doug LaMalfa (R),
Nick Langworthy (R),
Bob Latta (R),
Mike Lawler (R),
Laurel Lee (R),
Julia Letlow (R),
Barry Loudermilk (R),
Frank Lucas (R),
Morgan Luttrell (R),
Nancy Mace (R),
Ryan Mackenzie (R),
Nicole Malliotakis (R),
Celeste Maloy (R),
Tracey Mann (R),
Michael McCaul (R),
Richard McCormick (R),
Addison McDowell (R),
John McGuire (R),
Mark Messmer (R),
Dan Meuser (R),
Carol Miller (R),
Mary Miller (R),
Max Miller (R),
Mariannette Miller-Meeks (R),
Cory Mills (R),
John Moolenaar (R),
Barry Moore (R),
Blake Moore (R),
Riley Moore (R),
Tim Moore (R),
Nathaniel Moran (R),
Greg Murphy (R),
Dan Newhouse (R),
Ralph Norman (R),
Zach Nunn (R),
Jay Obernolte (R),
Andy Ogles (R),
Robert Onder (R),
Burgess Owens (R),
Gary Palmer (R),
Scott Perry (R),
August Pfluger (R),
Guy Reschenthaler (R),
Hal Rogers (R),
Mike Rogers (R),
John Rose (R),
David Rouzer (R),
Michael Rulli (R),
John Rutherford (R),
María Salazar (R),
Derek Schmidt (R),
David Schweikert (R),
Austin Scott (R),
Keith Self (R),
Pete Sessions (R),
Jefferson Shreve (R),
Mike Simpson (R),
Adrian Smith (R),
Pete Stauber (R),
Elise Stefanik (R),
Bryan Steil (R),
Greg Steube (R),
Dale Strong (R),
Marlin Stutzman (R),
David Taylor (R),
Claudia Tenney (R),
G.T. Thompson (R),
Tom Tiffany (R),
William Timmons (R),
Mike Turner (R),
David Valadao (R),
Jeff Van Drew (R),
Beth Van Duyne (R),
Derrick Van Orden (R),
Ann Wagner (R),
Tim Walberg (R),
Randy Weber (R),
Daniel Webster (R),
Bruce Westerman (R),
Tony Wied (R),
Roger Williams (R),
Joe Wilson (R),
Rob Wittman (R),
Steve Womack (R),
Rudy Yakym (R),
Ryan Zinke (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/23/2025)
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/119th-congress/house-bill/703/all-info |
BillText | https://www.congress.gov/119/bills/hr703/BILLS-119hr703ih.pdf |
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