Main Street Tax Certainty Act

Bill: 117-hr-1381
Sponsor: full_name: Rep. Smith, Jason [R-MO-8]
Introduced: 2021-02-25
Policy area: Taxation
Subjects: Income tax deductions

Tax administration and collection, taxpayers
Latest action: action_date: 2021-02-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-02-25
action_desc: Introduced in House
text: <p><b>Main Street Tax Certainty Act </b></p> <p>This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025.)</p> <p><i>Qualified business income</i> is defined as the net amount of qualified items of income, gain, deduction and loss with respect to any trade or business, excluding capital gains or losses, dividends, interest income, or income earned outside the U.S.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1381 IN THE HOUSE OF REPRESENTATIVES February 25, 2021 Mr. Smith of Missouri (for himself, Mr. Cuellar , Mr. Taylor , Mr. Gottheimer , Mr. Burchett , Mrs. Hinson , Mr. Arrington , Mr. Reschenthaler , Mr. Perry , Mr. Guest , Mr. Turner , Mr. Bacon , Mr. Rodney Davis of Illinois , Mr. Cole , Mr. Katko , Mr. Long , Mr. Jackson , Mrs. Lesko , Mr. Gonzalez of Ohio , Mr. Comer , Mr. Budd , Mr. Rogers of Alabama , Ms. Herrell , Mr. Meuser , Mr. Crawford , Mr. Hern , Mr. Kustoff , Mr. Luetkemeyer , Mrs. Harshbarger , Mr. Rice of South Carolina , Mrs. McClain , Mr. Cline , Mr. Cawthorn , Mr. Smith of Nebraska , Mr. Smucker , Mr. Meijer , Mr. Posey , Mr. Garbarino , Mr. Jacobs of New York , Mr. Estes , and Mrs. Walorski ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.

1. Short title This Act may be cited as the Main Street Tax Certainty Act . 2. Deduction for qualified business income made permanent Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i).