Bill 119 HR 110, also known as the "Qualified Business Income Deduction Expansion Act," aims to make changes to the Internal Revenue Code of 1986 in order to broaden the deduction for qualified business income. This deduction allows certain business owners to deduct a portion of their income from their taxable income, ultimately reducing the amount of taxes they owe.
The bill proposes expanding this deduction to include more types of businesses and individuals, potentially providing tax relief to a wider range of taxpayers. Additionally, the bill includes provisions for other purposes, which could involve additional changes to the tax code or related regulations.
Overall, the goal of Bill 119 HR 110 is to support small businesses and entrepreneurs by making it easier for them to reduce their tax burden and reinvest in their businesses. The specific details of the expansion and any other provisions included in the bill would need to be reviewed in order to fully understand the potential impact on taxpayers and the economy.