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Permanent Tax Deduction for Small Businesses

This act aims to make the tax deduction for qualified business income permanent. This means small business owners and entrepreneurs can rely on stability in planning their finances, as a tax relief that could have expired will now be in effect indefinitely. This can aid in long-term financial planning and investments.
Key points
The tax deduction for business income becomes permanent, providing greater financial certainty for small businesses.
Business owners will not have to worry about this relief expiring, making budget and investment planning easier.
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Expired
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Additional Information
Print number: 117_HR_1381
Sponsor: Rep. Smith, Jason [R-MO-8]
Process start date: 2021-02-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Main Street Tax Certainty Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1381.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-25.

What are the main provisions?

Key points include:

  • The tax deduction for business income becomes permanent, providing greater financial certainty for small businesses.
  • Business owners will not have to worry about this relief expiring, making budget and investment planning easier.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Smith, Jason [R-MO-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy