HR 703
119th Congress
House
Taxation
Main Street Tax Certainty Act
Introduced: January 23, 2025
Introduced by:
Smucker, Lloyd
Republican
· Pennsylvania
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 23, 2025
Referred to the House Committee on Ways and Means.
Jan 23, 2025
Introduced in House
Plain-English summary
Main Street Tax Certainty Act
This bill makes permanent the qualified business income (QBI) tax deduction.
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.)
However, under current law, the QBI tax deduction expires after December 31, 2025.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1