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Main Street Tax Certainty Act

H.R. 703 Rep. Lloyd Smucker (R-PA-11) In committee
Bill text PDF
  1. Introduced Jan 23
  2. Committee Jan 23
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 23, 2025Next: House vote
643d ago Jan 23, 2025: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
1company, 3 filings
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Summary

Main Street Tax Certainty Act

Full summary3 paragraphs

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.

Library of Congress summary, Jan 23, 2025

Summary versions
  • Introduced in HouseJan 23, 2025

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.