To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.

Hozzl · 2025-02-15T09:07:19Z

Explore the details of House Bill 703 To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/15/2025, 9:07 AM

Summary of Bill HR 703

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.

Current Status of Bill HR 703

Bill HR 703 is currently in the status of Bill Introduced since January 23, 2025. Bill HR 703 was introduced during Congress 119 and was introduced to the House on January 23, 2025. Bill HR 703's most recent activity was Referred to the House Committee on Ways and Means. as of January 23, 2025

Bipartisan Support of Bill HR 703

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

1151

Democrat Cosponsors

Republican Cosponsors

1137

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 703

Primary Policy Focus

Alternate Title(s) of Bill HR 703

To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.

Start holding our government accountable!