S. 213: Main Street Tax Certainty Act
Latest action, January 23, 2025: Introduced in Senate
Official summary
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.
Sponsors
- Steve Daines
- Bernie Moreno
- Bill Cassidy
- Bill Hagerty
- Chuck Grassley
- Cindy Hyde-Smith
- Cynthia M. Lummis
- Dan Sullivan
- David McCormick
- Deb Fischer
- Eric Schmitt
- James C. Justice
- James E. Risch
- James Lankford
- Jerry Moran
- Jim Banks
- John Barrasso
- John Boozman
- John Cornyn
- John Hoeven
- John Kennedy
- John R. Curtis
- John Thune
- Jon Husted
- Joni Ernst
- Josh Hawley
- Katie Boyd Britt
- Kevin Cramer
- Marsha Blackburn
- Mike Lee
- Mike Rounds
- Pete Ricketts
- Rick Scott
- Roger F. Wicker
- Roger Marshall
- Shelley Moore Capito
- Susan M. Collins
- Ted Budd
- Ted Cruz
- Thom Tillis
- Tim Scott
- Tim Sheehy
- Todd Young
- Tom Cotton
- Tommy Tuberville