118th Congress · HOUSE BILLBILL

H.R. 4721 — Main Street Tax Certainty Act

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

Taxation

Introduced Jul 18, 2023

Last action Jul 18, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 18, 2023

Step 2

Referred

Jul 18, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025.) Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to any trade or business, excluding capital gains or losses, dividends, interest income, or income earned outside the U.S.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jul 18, 2023

Introduced in House

Jul 18, 2023

Referred to the House Committee on Ways and Means.