119-s213

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Main Street Tax Certainty Act

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Introduced:
Jan 23, 2025
Policy Area:
Taxation

Bill Statistics

2
Actions
45
Cosponsors
1
Summaries
1
Subjects
1
Text Versions
Yes
Full Text

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Latest Action

Jan 23, 2025
Read twice and referred to the Committee on Finance.

Summaries (1)

Introduced in Senate - Jan 23, 2025 00
<p><strong>Main Street Tax Certainty Act </strong></p><p>This bill makes permanent the qualified business income (QBI) tax deduction.</p><p>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.)</p><p>However, under current law, the&nbsp;QBI tax deduction expires after December 31, 2025. </p>

Actions (2)

Read twice and referred to the Committee on Finance.
Type: IntroReferral | Source: Senate
Jan 23, 2025
Introduced in Senate
Type: IntroReferral | Source: Library of Congress | Code: 10000
Jan 23, 2025

Subjects (1)

Taxation (Policy Area)

Cosponsors (20 of 45)

Showing latest 20 cosponsors

Text Versions (1)

Introduced in Senate

Jan 23, 2025

Full Bill Text

Length: 1,616 characters Version: Introduced in Senate Version Date: Jan 23, 2025 Last Updated: Nov 15, 2025 6:23 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 213 Introduced in Senate

(IS) ]

<DOC>

119th CONGRESS
1st Session
S. 213

To amend the Internal Revenue Code of 1986 to make permanent the
deduction for qualified business income.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 23, 2025

Mr. Daines (for himself, Mr. Grassley, Mr. Cramer, Mr. Moran, Mrs.
Blackburn, Mr. Rounds, Mrs. Capito, Mr. Ricketts, Mrs. Britt, Mr.
Risch, Mr. Schmitt, Mr. Wicker, Ms. Lummis, Mrs. Hyde-Smith, Mr.
Tuberville, Mr. Cruz, Mr. Lankford, Mr. Hoeven, Mr. Tillis, Mr.
Marshall, Mr. Justice, Mr. Sheehy, Mrs. Fischer, Ms. Ernst, Mr.
Cassidy, Mr. Thune, Mr. Budd, Mr. Scott of Florida, Mr. Hagerty, Mr.
Barrasso, Mr. Young, Mr. Kennedy, Mr. Scott of South Carolina, Mr.
Banks, Mr. Cotton, Mr. Curtis, Mr. Sullivan, and Mr. Graham) introduced
the following bill; which was read twice and referred to the Committee
on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to make permanent the
deduction for qualified business income.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.

This Act may be cited as the ``Main Street Tax Certainty Act''.
SEC. 2.
Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i) .
striking subsection
(i) .
<all>