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HR 4947 116th Congress House Taxation Corporate finance and management Income tax deductions Small business Tax administration and collection, taxpayers Transfer and inheritance taxes

Small Business Prosperity Act of 2019

Introduced: October 31, 2019 Introduced by: Biggs, Andy Republican · Arizona See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 31, 2019
Referred to the House Committee on Ways and Means.
Oct 31, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Prosperity Act of 2019

This bill amends the Internal Revenue Code, with respect to the deduction for qualified business income, to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of "qualified trade or business" to mean any trade or business other than the trade of business of performing services as an employee.

The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization,

The bill repeals the estate tax after 2019.

What's happening now October 31, 2019

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1