Main Street Tax Certainty Act

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.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 213 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                 S. 213

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


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                   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

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                                 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. SHORT TITLE.

    This Act may be cited as the ``Main Street Tax Certainty Act''.

SEC. 2. DEDUCTION FOR QUALIFIED BUSINESS INCOME MADE PERMANENT.

    Section 199A of the Internal Revenue Code of 1986 is amended by 
striking subsection (i).
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