Main Street Tax Certainty Act

Main Street Tax Certainty Act

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 the U.S.

Bill 118 s 1706, also known as the Main Street Tax Certainty Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax relief and certainty for small businesses on Main Street.

The Main Street Tax Certainty Act aims to simplify the tax code for small businesses by making permanent certain tax provisions that are beneficial to them. These provisions include the ability to immediately deduct the cost of certain investments in their businesses, as well as the ability to claim a tax credit for research and development expenses.

Additionally, the bill seeks to provide small businesses with more certainty by making these tax provisions permanent, rather than having them expire after a certain period of time. This will allow small businesses to better plan for the future and make informed decisions about their investments and expenses. Overall, the Main Street Tax Certainty Act is designed to support small businesses on Main Street by providing them with tax relief and certainty. It aims to simplify the tax code for small businesses and make certain tax provisions permanent, in order to help them thrive and grow.