Main Street Tax Certainty Act
What this could mean for your district
The Main Street Tax Certainty Act aims to make the qualified business income tax deduction permanent. • Local small businesses may benefit from a stable tax deduction, potentially improving their financial planning. • This change could encourage investment in the district's entrepreneurial ventures. • Permanent tax relief may influence the decisions of individuals and families involved in business activities, affecting local economic dynamics. • The bill's implications for tax revenue could impact funding for local services and programs. 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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