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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.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_1706
Sponsor: Sen. Daines, Steve [R-MT]
Process start date: 2023-05-18
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Summarized by: gemini-2.5-flash-preview-09-2025
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_S_1706.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-18.

What are the main provisions?

Key points include:

  • 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.
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 Sen. Daines, Steve [R-MT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy