HR 108
118th 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 2023
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 9, 2023
Referred to the House Committee on Ways and Means.
Jan 9, 2023
Introduced in House
Plain-English summary
Small Business Prosperity Act of 2023
This bill modifies the tax 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 2022.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1