Main Street Tax Certainty Act

Bill: 119-hr-703
Sponsor: full_name: Rep. Smucker, Lloyd [R-PA-11]
Introduced: 2025-01-23
Policy area: Taxation
Latest action: action_date: 2025-01-23
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2025-01-23
action_desc: Introduced in House
text: <p><strong>Main Street Tax Certainty Act </strong></p><p>This bill makes permanent the qualified business income (QBI) tax deduction.</p><p>Under current law, individuals, estates, and trusts may deduct the lower of (1) 20% of QBI from a qualified business, qualified real estate investment trust dividends, and qualified publicly traded partnership income; or (2) 20% of taxable income less net capital gain. (Some limitations apply.)</p><p>However, under current law, the&nbsp;QBI tax deduction expires after December 31, 2025. </p>

tv_txt: I 119th CONGRESS 1st Session H. R. 703 IN THE HOUSE OF REPRESENTATIVES January 23, 2025 Mr. Smucker (for himself, Mr. Kelly of Pennsylvania , Mr. LaHood , Ms. Van Duyne , Mr. Buchanan , Mrs. Miller of West Virginia , Mr. Feenstra , Mr. Murphy , Mr. Stauber , Mr. Joyce of Pennsylvania , Mr. Bost , Mr. Crenshaw , Mr. Meuser , Mr. Ellzey , Mr. Weber of Texas , Ms. Salazar , Mr. Clyde , Mr. Fitzgerald , Mr. Rouzer , Mrs. Cammack , Mr. Finstad , Mr. Carter of Georgia , Mr. Ciscomani , Mr. Cline , Mr. Fong , Mr. Smith of Nebraska , Mr. Rulli , Mr. Moolenaar , Ms. Foxx , Mr. Lawler , Mr. Green of Tennessee , Mr. Rogers of Kentucky , Mrs. Bice , Mr. Strong , Mr. Guest , Mr. Hudson , Mr. Kean , Mr. Rogers of Alabama , Mr. Nunn of Iowa , Mr. Moran , Mr. Fallon , Mr. Edwards , Mr. Moore of West Virginia , Mr. Rutherford , Mr. Hern of Oklahoma , Mr. Estes , Mr. Gottheimer , Mr. Moore of Utah , Mr. Kustoff , Mr. Grothman , Mr. Van Orden , Mr. Fitzpatrick , Mr. Baird , Mr. Fleischmann , Mr. Carey , Mr. Griffith , Mr. Sessions , Mr. Webster of Florida , Mrs. Kim , Mr. LaLota , Mr. Wilson of South Carolina , Mr. Zinke , Mrs. Wagner , Mr. Austin Scott of Georgia , Mr. Alford , Mr. Fulcher , Mr. Balderson , Mr. Kiley of California , Mr. Garbarino , Mr. Barrett , Mr. Moore of Alabama , Mr. Graves , Mr. Miller of Ohio , Mr. Van Drew , Mr. Ezell , Mrs. Harshbarger , Ms. Maloy , Ms. Letlow , Mrs. Hinson , Mrs. Kiggans of Virginia , Mr. Bacon , Mr. Begich , Mr. Valadao , Mr. Walberg , Mr. Kelly of Mississippi , Mr. Collins , Mr. Langworthy , Mr. Scott Franklin of Florida , Mr. Bilirakis , Mr. Huizenga , Mr. Allen , Mr. Bergman , Mr. Higgins of Louisiana , Mr. Amodei of Nevada , Mr. Thompson of Pennsylvania , Mr. Owens , Mr. Steil , Mr. Guthrie , Mr. Barr , Mr. Calvert , Mr. Wittman , Mr. Burchett , Mr. Newhouse , Ms. Mace , Mr. Mackenzie , Mrs. Houchin , Mr. Williams of Texas , Ms. Tenney , Mrs. Fischbach , Ms. Hageman , Mr. Steube , Mr. Gill of Texas , Mr. Schmidt , Ms. De La Cruz , Mr. McCormick , Mr. McDowell , Mr. Bresnahan , Mrs. Miller-Meeks , Mr. Loudermilk , Mr. Yakym , Mr. Gooden , Mr. Johnson of South Dakota , Ms. Malliotakis , Mr. Perry , Mr. Burlison , Mr. Arrington , Mr. Bean of Florida , Mr. Timmons , Mrs. Miller of Illinois , Mr. LaMalfa , Mr. McCaul , Mr. Wied , Ms. Greene of Georgia , Mr. Downing , Mr. Crank , Mr. Gimenez , Mr. Davidson , Mr. Lucas , Mr. Taylor , Mr. Moore of North Carolina , Mr. Luttrell , Mr. Schweikert , Mr. Comer , Mr. Emmer , Mr. Joyce of Ohio , Mr. Jack , Mr. Stutzman , Mr. Cuellar , Mr. Reschenthaler , Mr. Fry , Mr. Cole , Mr. Hill of Arkansas , Mr. Jackson of Texas , Mr. Mills , and Mr. McGuire ) 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 (a) In general Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i). (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2025.