SENATE 480117th CongressRead twice and referred to the Committee on Finance.
Main Street Tax Certainty Act
- Last Action
- 2/25/2021
Actions
- 2021-02-25Read twice and referred to the Committee on Finance.
- 2021-02-25Introduced in Senate
CRS Summary
As of 2021-02-25 (00)
Main Street Tax Certainty Act
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.
Cosponsors (14)
- Bill Cassidy (R-LA)
- Tim Scott (R-SC)
- Rob Portman (R-OH)
- Roy Blunt (R-MO)
- John Kennedy (R-LA)
- Mike Rounds (R-SD)
- Mike Braun (R-IN)
- Richard Burr (R-NC)
- Roger Wicker (R-MS)
- Jim Inhofe (R-OK)
- Rand Paul (R-KY)
- Cynthia Lummis (R-WY)
- John Barrasso (R-WY)
- Marsha Blackburn (R-TN)
Subjects
- Income tax deductions
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.