In CommitteeFiled Jan 23, 2025
Sponsor: Rep. Smucker, Lloyd [R-PA-11] (R)
Latest Action
Referred to the House Committee on Ways and Means.
Jan 23, 2025
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.
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