Main Street Tax Certainty Act

Bill: 119-s-213
Sponsor: full_name: Sen. Daines, Steve [R-MT]
Introduced: 2025-01-23
Policy area: Taxation
Latest action: action_date: 2025-01-23
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2025-01-23
action_desc: Introduced in Senate
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: II 119th CONGRESS 1st Session S. 213 IN THE SENATE OF THE UNITED STATES January 23, 2025 Mr. Daines (for himself, Mr. Grassley , Mr. Cramer , Mr. Moran , Mrs. Blackburn , Mr. Rounds , Mrs. Capito , Mr. Ricketts , Mrs. Britt , Mr. Risch , Mr. Schmitt , Mr. Wicker , Ms. Lummis , Mrs. Hyde-Smith , Mr. Tuberville , Mr. Cruz , Mr. Lankford , Mr. Hoeven , Mr. Tillis , Mr. Marshall , Mr. Justice , Mr. Sheehy , Mrs. Fischer , Ms. Ernst , Mr. Cassidy , Mr. Thune , Mr. Budd , Mr. Scott of Florida , Mr. Hagerty , Mr. Barrasso , Mr. Young , Mr. Kennedy , Mr. Scott of South Carolina , Mr. Banks , Mr. Cotton , Mr. Curtis , Mr. Sullivan , and Mr. Graham ) 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).