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Tax relief for small businesses and estate tax changes

This act introduces permanent and increased tax deductions for small business owners, potentially leading to lower taxes for many entrepreneurs. Additionally, it repeals the estate tax, impacting how assets are inherited. These changes aim to support business growth and simplify wealth transfer.
Key points
Larger and permanent tax deduction for qualified business income, reducing tax burdens for many business owners.
Repeal of the estate tax, meaning assets can be passed down without additional tax charges.
Simplification of corporate form changes, eliminating tax events when restructuring if ownership or assets remain the same.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_7795
Sponsor: Rep. Biggs, Andy [R-AZ-5]
Process start date: 2022-05-17
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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

Small Business Prosperity Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7795.

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 2022-05-17.

What are the main provisions?

Key points include:

  • Larger and permanent tax deduction for qualified business income, reducing tax burdens for many business owners.
  • Repeal of the estate tax, meaning assets can be passed down without additional tax charges.
  • Simplification of corporate form changes, eliminating tax events when restructuring if ownership or assets remain the same.
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. Biggs, Andy [R-AZ-5].

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 2025-12-28.

CATEGORIES

Taxes Economy