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US S213

US S213
Main Street Tax Certainty Act


summary

Introduced
01/23/2025
In Committee
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 was originally established in Section 199A of the Internal Revenue Code of 1986. Currently, this deduction is set to expire, but the bill would remove the sunset provision (subsection (i)) that limits the deduction's duration. The qualified business income deduction allows eligible small businesses and pass-through entities, such as sole proprietorships, partnerships, and S corporations, 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 increased financial predictability for small business owners. The bill is titled the "Main Street Tax Certainty Act," reflecting its intended support for small and medium-sized businesses across the United States.

Committee Categories

Budget and Finance

Sponsors (46)

Steve Daines (R)* Jim Banks (R),  John Barrasso (R),  Marsha Blackburn (R),  John Boozman (R),  Katie Boyd Britt (R),  Ted Budd (R),  Shelley Moore Capito (R),  Bill Cassidy (R),  Susan Collins (R),  John Cornyn (R),  Tom Cotton (R),  Kevin Cramer (R),  Ted Cruz (R),  John Curtis (R),  Joni Ernst (R),  Deb Fischer (R),  Lindsey Graham (R),  Chuck Grassley (R),  Bill Hagerty (R),  Josh Hawley (R),  John Hoeven (R),  Jon Husted (R),  Cindy Hyde-Smith (R),  James Justice (R),  John Neely Kennedy (R),  James Lankford (R),  Mike Lee (R),  Cynthia Lummis (R),  Roger Marshall (R),  David McCormick (R),  Jerry Moran (R),  Bernie Moreno (R),  Pete Ricketts (R),  Jim Risch (R),  Mike Rounds (R),  Eric Schmitt (R),  Rick Scott (R),  Tim Scott (R),  Tim Sheehy (R),  Dan Sullivan (R),  John Thune (R),  Thom Tillis (R),  Tommy Tuberville (R),  Roger Wicker (R),  Todd Young (R), 

Last Action

Read twice and referred to the Committee on Finance. (on 01/23/2025)

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