The Bill: Main Street Tax Certainty Act, (HR 4721)
What Does it Mean: This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025).
Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to any trade or business excluding capital gains or losses, dividends, interest income, or income earned outside of the U.S.
In Pennsylvania, the Main Street Tax Certainty Act, which aims to make permanent the deduction for pass-through businesses under Section 199A of the Tax Cuts and Jobs Act, has strong support from certain congressmen but lacks backing from others.
The Go Big Small Biz Network’s Position: We Support this Federal Legislation for many reasons. First and Foremost, a permanent tax relief would encourage small businesses to continue investing in their communities. This could lead to more job creation and economic stability, particularly in local economies.
Click HERE to Support this Bill.
Sponsor of the Bill: Congressman Smucker of PA
PA Cosponsors: Here
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