Making the 20% Small Business Tax Deduction Permanent.
This bill aims to permanently secure a major tax deduction for small business owners and entrepreneurs. Currently, this deduction, which allows up to 20% of qualified business income to be deducted, is set to expire. Making this change means business owners can rely on lower taxes indefinitely, providing greater financial stability and certainty for long-term planning.
Key points
Permanently establishes the ability for small business owners to deduct up to 20% of their business income (the QBI deduction), which was scheduled to expire.
Provides long-term tax certainty for entrepreneurs operating as partnerships, sole proprietorships, or S corporations.
Status:
Expired
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