Main Street Tax Certainty Act

Bill: 117-s-480
Sponsor: full_name: Sen. Daines, Steve [R-MT]
Introduced: 2021-02-25
Policy area: Taxation
Subjects: Income tax deductions

Tax administration and collection, taxpayers
Latest action: action_date: 2021-02-25
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-02-25
action_desc: Introduced in Senate
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: II 117th CONGRESS 1st Session S. 480 IN THE SENATE OF THE UNITED STATES February 25, 2021 Mr. Daines (for himself, Mr. Cassidy , Mr. Scott of South Carolina , and Mr. Portman ) introduced the following bill; which was read twice and referred to the Committee on Finance 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).