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Main Street Tax Certainty Act
3/8/2024, 3:54 PM
Summary of Bill S 1706
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.
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.
Congressional Summary of S 1706
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 S 1706
Bill S 1706 is currently in the status of Bill Introduced since May 18, 2023. Bill S 1706 was introduced during Congress 118 and was introduced to the Senate on May 18, 2023. Bill S 1706's most recent activity was Read twice and referred to the Committee on Finance. as of May 18, 2023
Bipartisan Support of Bill S 1706
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
64Democrat Cosponsors
0Republican Cosponsors
64Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1706
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1706
Main Street Tax Certainty Act
Main Street Tax Certainty Act
A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
Comments
Sponsors and Cosponsors of S 1706
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