Main Street Tax Certainty Act
What this could mean for your district
The Main Street Tax Certainty Act aims to make permanent the qualified business income tax deduction for individuals, estates, and trusts. • Local small businesses may benefit from continued tax deductions, potentially improving their financial stability. • Entrepreneurs in the district could find it easier to reinvest in their businesses, fostering growth and job creation. • Taxpayers with qualified business income may experience more predictable tax liabilities, which could aid in financial planning. AI-generated from official bill summary; verify with bill text.
Bill details
Bill overview
A neutral overview based on official congressional sources.
Introduced in Senate
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.
Related votes
Roll calls that reference this bill in official data.
Primary sources
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