S 480
117th Congress
Senate
Taxation
Income tax deductions
Tax administration and collection, taxpayers
Main Street Tax Certainty Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 2021
Read twice and referred to the Committee on Finance.
Feb 25, 2021
Introduced in Senate
Plain-English summary
Main Street Tax Certainty Act
This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025.)
Qualified business income 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1