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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 their financial planning, as this tax relief will not expire in the future.
Key points
The tax deduction for qualified business income is made permanent, providing long-term certainty for business owners.
This change can impact the financial stability of small businesses, making it easier for them to plan and invest.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_4721
Sponsor: Rep. Smucker, Lloyd [R-PA-11]
Process start date: 2023-07-18
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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 118_HR_4721.

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 2023-07-18.

What are the main provisions?

Key points include:

  • The tax deduction for qualified business income is made permanent, providing long-term certainty for business owners.
  • This change can impact the financial stability of small businesses, making it easier for them to plan and invest.
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. Smucker, Lloyd [R-PA-11].

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 2025-12-25.

CATEGORIES

Taxes Economy