Main Street Tax Certainty Act

Bill: 118-hr-4721
Sponsor: full_name: Rep. Smucker, Lloyd [R-PA-11]
Introduced: 2023-07-18
Policy area: Taxation
Latest action: action_date: 2023-07-18
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-07-18
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 118th CONGRESS 1st Session H. R. 4721 IN THE HOUSE OF REPRESENTATIVES July 18, 2023 Mr. Smucker (for himself, Mr. Cuellar , Mr. Gottheimer , Mr. Buchanan , Mr. Smith of Nebraska , Mr. Kelly of Pennsylvania , Mr. Schweikert , Mr. LaHood , Mr. Wenstrup , Mr. Arrington , Mr. Ferguson , Mr. Estes , Mr. Hern , Mrs. Miller of West Virginia , Mr. Murphy , Mr. Kustoff , Mr. Fitzpatrick , Mr. Steube , Ms. Tenney , Mrs. Fischbach , Mr. Moore of Utah , Mrs. Steel , Ms. Van Duyne , Mr. Feenstra , Ms. Malliotakis , Mr. Carey , Mr. Wittman , Mrs. Cammack , Mr. Meuser , Mr. Balderson , Mr. Grothman , Mr. Bacon , Mr. Burchett , Mr. Barr , Mr. Reschenthaler , Mr. Bergman , Mr. Perry , Mr. Joyce of Pennsylvania , Ms. Mace , Mr. Sessions , Mr. Mooney , Mr. Moolenaar , Mrs. Harshbarger , Mr. Cole , Mr. LaTurner , Mr. Ezell , Mr. Fitzgerald , Mr. Moore of Alabama , Mr. Timmons , Mr. Hudson , Mr. Curtis , Mr. Ellzey , Mr. Stauber , Mr. Banks , Ms. Stefanik , Mrs. Miller-Meeks , Mr. Bucshon , Mr. Amodei , Mrs. Kim of California , Mrs. Hinson , Mr. Higgins of Louisiana , Mrs. Wagner , Mr. Pence , Mr. Johnson of Ohio , Mr. Jackson of Texas , Mr. Luetkemeyer , Mr. Bean of Florida , Mr. Moran , Mr. Williams of Texas , Mr. Yakym , Mr. Alford , Mr. Garbarino , Mr. Dunn of Florida , Mr. Edwards , Mr. Miller of Ohio , Mr. Ogles , Mr. Kean of New Jersey , Mr. Weber of Texas , Mr. Guest , Mr. Rouzer , Mr. Mann , Mr. Rutherford , Mrs. Bice , Mr. Graves of Missouri , Mr. Green of Tennessee , Mr. Finstad , Mr. Walberg , Mr. James , Mr. Kelly of Mississippi , Mr. Langworthy , Mr. Crawford , and Mr. Austin Scott of Georgia ) 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).