Introduced:
Jan 23, 2025
Policy Area:
Taxation
Congress.gov:
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 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)
(R-OK)
Jan 23, 2025
Jan 23, 2025
(R-MS)
Jan 23, 2025
Jan 23, 2025
(R-NC)
Jan 23, 2025
Jan 23, 2025
(R-AL)
Jan 23, 2025
Jan 23, 2025
(R-MO)
Jan 23, 2025
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(R-NE)
Jan 23, 2025
Jan 23, 2025
(R-SD)
Jan 23, 2025
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(R-ID)
Jan 23, 2025
Jan 23, 2025
(R-KS)
Jan 23, 2025
Jan 23, 2025
(R-KS)
Jan 23, 2025
Jan 23, 2025
(R-TN)
Jan 23, 2025
Jan 23, 2025
(R-WY)
Jan 23, 2025
Jan 23, 2025
(R-WV)
Jan 23, 2025
Jan 23, 2025
(R-MS)
Jan 23, 2025
Jan 23, 2025
(R-ND)
Jan 23, 2025
Jan 23, 2025
(R-IA)
Jan 23, 2025
Jan 23, 2025
(R-TX)
Jan 23, 2025
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(R-ND)
Jan 23, 2025
Jan 23, 2025
(R-WV)
Jan 23, 2025
Jan 23, 2025
(R-AL)
Jan 23, 2025
Jan 23, 2025
Showing latest 20 cosponsors
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,
[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>
(i) .
<all>