Bill · H.R. 703· House(119-HR-703)

Main Street Tax Certainty Act

Age: 62 years

Pennsylvania

Introduced: 1/23/2025
Last activity: 1/23/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Lloyd Smucker
Cosponsors: - 188 - 3

Taxation

Introduced
In Committee

What this bill would do

This bill is titled the "Main Street Tax Certainty Act." It seeks to amend the Internal Revenue Code of 1986. The specific goal of the legislation is to make the deduction for qualified business income permanent. This change would involve striking subsection (i) of Section 199A. The amendment is intended to apply to taxable years starting after December 31, 2025.

Yes· 3 of 6

Would business owners be better off under this?+8
The bill provides essential tax certainty for business owners by making the qualified business income deduction permanent.
Does this cut taxes for small businesses?+7
The bill makes the deduction for qualified business income permanent, providing long-term tax relief for small business owners.
Does this make it easier to run a small business?+7
The act supports small businesses by ensuring the stability of their qualified business income tax deduction.