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To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
2/15/2025, 9:07 AM
Summary of Bill HR 703
Bill 119 HR 703, also known as the "To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income," is a piece of legislation currently being considered by the US Congress. The bill aims to make permanent a deduction for qualified business income that was originally introduced as part of the Tax Cuts and Jobs Act of 2017.
The deduction for qualified business income allows certain business owners to deduct up to 20% of their qualified business income from their taxable income. This deduction is intended to provide tax relief to small business owners and entrepreneurs, allowing them to keep more of their earnings and reinvest in their businesses.
If passed, Bill 119 HR 703 would make this deduction permanent, providing certainty to business owners and investors who rely on this tax benefit. Supporters of the bill argue that making the deduction permanent would encourage entrepreneurship and economic growth, while opponents raise concerns about the potential impact on government revenue and the distribution of tax benefits. Overall, Bill 119 HR 703 is an important piece of legislation that could have significant implications for small business owners and the broader economy. It is currently being debated in Congress, and its fate remains uncertain.
The deduction for qualified business income allows certain business owners to deduct up to 20% of their qualified business income from their taxable income. This deduction is intended to provide tax relief to small business owners and entrepreneurs, allowing them to keep more of their earnings and reinvest in their businesses.
If passed, Bill 119 HR 703 would make this deduction permanent, providing certainty to business owners and investors who rely on this tax benefit. Supporters of the bill argue that making the deduction permanent would encourage entrepreneurship and economic growth, while opponents raise concerns about the potential impact on government revenue and the distribution of tax benefits. Overall, Bill 119 HR 703 is an important piece of legislation that could have significant implications for small business owners and the broader economy. It is currently being debated in Congress, and its fate remains uncertain.
Congressional Summary of HR 703
Main Street Tax Certainty Act
This bill makes permanent the qualified business income (QBI) tax deduction.
Under current law, individuals, estates, and trusts may deduct the lower of (1) 20% of QBI from a qualified business, qualified real estate investment trust dividends, and qualified publicly traded partnership income; or (2) 20% of taxable income less net capital gain. (Some limitations apply.)
However, under current law, the QBI tax deduction expires after December 31, 2025.
Current Status of Bill HR 703
Bill HR 703 is currently in the status of Bill Introduced since January 23, 2025. Bill HR 703 was introduced during Congress 119 and was introduced to the House on January 23, 2025. Bill HR 703's most recent activity was Referred to the House Committee on Ways and Means. as of January 23, 2025
Bipartisan Support of Bill HR 703
Total Number of Sponsors
7Democrat Sponsors
0Republican Sponsors
7Unaffiliated Sponsors
0Total Number of Cosponsors
1151Democrat Cosponsors
14Republican Cosponsors
1137Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 703
Primary Policy Focus
Alternate Title(s) of Bill HR 703
To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
Comments
Legacy Chu
41,813
1 year ago
I think this bill is great because it helps businesses and stuff. I'm not really sure how it works, but I know it's good for me. #HRBill703 #taxes #businessincome
Sponsors and Cosponsors of HR 703
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