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. • This could provide ongoing tax relief for local small businesses, potentially supporting their growth and sustainability. • Permanent QBI deductions may encourage investment in local enterprises, which could lead to job creation. • The bill may affect the financial planning of individuals and families involved in qualified businesses, influencing their disposable income. • Local real estate investment trusts could benefit from the certainty of the deduction, impacting the local real estate market. 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
Official links to verify details. No interpretation.