Main Street Tax Certainty Act

Sponsored bySen. Daines, Steve [R-MT]MT· Introduced 23 January 2025

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Read twice and referred to the Committee on Finance.

23 January 2025·1 year ago

Summary

Introduced in Senate · Updated 1 May 2025

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.

Timeline

2 actions

Read twice and referred to the Committee on Finance.
23 January 2025 · IntroReferral
Introduced in Senate
23 January 2025 · IntroReferral

Sponsorship

45 cosponsors

Sponsor

Sen. Daines, Steve [R-MT]MT

Cosponsors

Republican45100%

Republican:Sen. Cornyn, John [R-TX]TX
Republican:Sen. Collins, Susan M. [R-ME]ME
Republican:Sen. Hawley, Josh [R-MO]MO
Republican:Sen. Lee, Mike [R-UT]UT
Republican:Sen. McCormick, David [R-PA]PA
Republican:Sen. Husted, Jon [R-OH]OH
Republican:Sen. Moreno, Bernie [R-OH]OH
Republican:Sen. Boozman, John [R-AR]AR
Republican:Sen. Justice, James C. [R-WV]WV
Republican:Sen. Cruz, Ted [R-TX]TX
Republican:Sen. Budd, Ted [R-NC]NC
Republican:Sen. Schmitt, Eric [R-MO]MO
Republican:Sen. Hagerty, Bill [R-TN]TN
Republican:Sen. Moran, Jerry [R-KS]KS
Republican:Sen. Kennedy, John [R-LA]LA
Republican:Sen. Britt, Katie Boyd [R-AL]AL
Republican:Sen. Capito, Shelley Moore [R-WV]WV
Republican:Sen. Scott, Rick [R-FL]FL
Republican:Sen. Wicker, Roger F. [R-MS]MS
Republican:Sen. Marshall, Roger [R-KS]KS
Republican:Sen. Barrasso, John [R-WY]WY
Republican:Sen. Sullivan, Dan [R-AK]AK
Republican:Sen. Tillis, Thomas [R-NC]NC
Republican:Sen. Risch, James E. [R-ID]ID
Republican:Sen. Scott, Tim [R-SC]SC
Republican:Sen. Cotton, Tom [R-AR]AR
Republican:Sen. Sheehy, Tim [R-MT]MT
Republican:Sen. Blackburn, Marsha [R-TN]TN
Republican:Sen. Tuberville, Tommy [R-AL]AL
Republican:Sen. Graham, Lindsey [R-SC]SC
Republican:Sen. Ernst, Joni [R-IA]IA
Republican:Sen. Lummis, Cynthia M. [R-WY]WY
Republican:Sen. Lankford, James [R-OK]OK
Republican:Sen. Ricketts, Pete [R-NE]NE
Republican:Sen. Grassley, Chuck [R-IA]IA
Republican:Sen. Thune, John [R-SD]SD
Republican:Sen. Curtis, John R. [R-UT]UT
Republican:Sen. Rounds, Mike [R-SD]SD
Republican:Sen. Banks, Jim [R-IN]IN
Republican:Sen. Cramer, Kevin [R-ND]ND
Republican:Sen. Cassidy, Bill [R-LA]LA
Republican:Sen. Hyde-Smith, Cindy [R-MS]MS
Republican:Sen. Young, Todd [R-IN]IN
Republican:Sen. Fischer, Deb [R-NE]NE
Republican:Sen. Hoeven, John [R-ND]ND

Classification

Policy area

Taxation

Cosponsor momentum

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Track Main Street Tax Certainty Act as it moves through Congress