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Main Street Tax Certainty Act
1/26/2024, 8:15 AM
Summary of Bill HR 4721
The Main Street Tax Certainty Act, also known as Bill 118 hr 4721, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax relief to small businesses and individuals in order to stimulate economic growth and job creation on Main Street.
The key provisions of the Main Street Tax Certainty Act include:
1. Making permanent certain tax provisions that are set to expire, such as the deduction for qualified business income and the increased expensing limits for small businesses. 2. Simplifying the tax code for small businesses by streamlining the process for claiming deductions and credits. 3. Providing tax incentives for small businesses to invest in their communities, such as a tax credit for hiring and training local workers. 4. Ensuring that small businesses are not burdened by unnecessary regulations and paperwork, by reducing compliance costs and increasing transparency in the tax code. Overall, the Main Street Tax Certainty Act aims to support small businesses and individuals by providing them with the certainty and stability they need to thrive in today's economy. It is hoped that by enacting this legislation, Congress can help to create a more level playing field for Main Street businesses and promote economic growth across the country.
The key provisions of the Main Street Tax Certainty Act include:
1. Making permanent certain tax provisions that are set to expire, such as the deduction for qualified business income and the increased expensing limits for small businesses. 2. Simplifying the tax code for small businesses by streamlining the process for claiming deductions and credits. 3. Providing tax incentives for small businesses to invest in their communities, such as a tax credit for hiring and training local workers. 4. Ensuring that small businesses are not burdened by unnecessary regulations and paperwork, by reducing compliance costs and increasing transparency in the tax code. Overall, the Main Street Tax Certainty Act aims to support small businesses and individuals by providing them with the certainty and stability they need to thrive in today's economy. It is hoped that by enacting this legislation, Congress can help to create a more level playing field for Main Street businesses and promote economic growth across the country.
Congressional Summary of HR 4721
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.
Read the Full Bill
Current Status of Bill HR 4721
Bill HR 4721 is currently in the status of Bill Introduced since July 18, 2023. Bill HR 4721 was introduced during Congress 118 and was introduced to the House on July 18, 2023. Bill HR 4721's most recent activity was Referred to the House Committee on Ways and Means. as of July 18, 2023
Bipartisan Support of Bill HR 4721
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
328Democrat Cosponsors
4Republican Cosponsors
324Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4721
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 4721
Main Street Tax Certainty Act
Main Street Tax Certainty Act
To amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
Comments
Sponsors and Cosponsors of HR 4721
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