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H.R. 4947 116th Congress House

Small Business Prosperity Act of 2019

Official title: To amend the Internal Revenue Code of 1986 to expand the deduction for qualified business income, and for other purposes.

Introduced: October 31, 2019 Introduced by: Andy Biggs Republican · Arizona See on congress.gov
Taxation Corporate finance and managementIncome tax deductionsSmall businessTax administration and collection, taxpayersTransfer and inheritance taxes
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action October 31, 2019

Referred to the House Committee on Ways and Means.

 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.

 Related & companion bills 3
  • HR 6396 Responsible Relief for Americans Act
  • HR 216 Main Street Tax Certainty Act
  • HR 2971 Freedom for Small Businesses Act of 2019
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 4947: Small Business Prosperity Act of 2019. 116th Congress. Open America. https://openamerica.io/bill/116-HR-4947/
MLA
"H.R. 4947: Small Business Prosperity Act of 2019." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-4947/.
Bluebook (legal)
H.R. 4947, 116th Cong. (2026), https://openamerica.io/bill/116-HR-4947/.
Markdown link
[H.R. 4947: Small Business Prosperity Act of 2019](https://openamerica.io/bill/116-HR-4947/)
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