Bill 119 HR 703, also known as the "To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income," is a piece of legislation currently being considered by the US Congress. The bill aims to make permanent a deduction for qualified business income that was originally introduced as part of the Tax Cuts and Jobs Act of 2017.
The deduction for qualified business income allows certain business owners to deduct up to 20% of their qualified business income from their taxable income. This deduction is intended to provide tax relief to small business owners and entrepreneurs, allowing them to keep more of their earnings and reinvest in their businesses.
If passed, Bill 119 HR 703 would make this deduction permanent, providing certainty to business owners and investors who rely on this tax benefit. Supporters of the bill argue that making the deduction permanent would encourage entrepreneurship and economic growth, while opponents raise concerns about the potential impact on government revenue and the distribution of tax benefits.
Overall, Bill 119 HR 703 is an important piece of legislation that could have significant implications for small business owners and the broader economy. It is currently being debated in Congress, and its fate remains uncertain.