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Tax Relief for Small Businesses and Estate Tax Repeal

This act makes permanent and expands tax deductions for small business owners, potentially leaving more money in their pockets. It also eliminates the estate tax, simplifying the process of inheriting assets without additional tax burdens. These changes aim to support entrepreneurship and ease wealth transfer.
Key points
Larger and permanent tax deduction for qualified business income, potentially lowering taxes for many business owners.
Repeal of the estate tax, meaning heirs will not pay tax on inherited assets.
Simplification of rules for changing a company's legal structure, eliminating taxes on such transformations if owners and assets remain the same.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_108
Sponsor: Rep. Biggs, Andy [R-AZ-5]
Process start date: 2023-01-09
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_108.

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 2023-01-09.

What are the main provisions?

Key points include:

  • Larger and permanent tax deduction for qualified business income, potentially lowering taxes for many business owners.
  • Repeal of the estate tax, meaning heirs will not pay tax on inherited assets.
  • Simplification of rules for changing a company's legal structure, eliminating taxes on such transformations if owners and 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 2025-12-24.

CATEGORIES

Taxes Economy