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

Bill 119 s 213, also known as the "Qualified Business Income Deduction Permanency Act," is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main purpose of this bill is to make permanent the deduction for qualified business income.

The deduction for qualified business income was originally introduced as part of the Tax Cuts and Jobs Act of 2017. This deduction allows certain business owners to deduct up to 20% of their qualified business income from their taxable income. The deduction was initially set to expire after the 2025 tax year, but this bill seeks to make it a permanent fixture in the tax code.

Supporters of the bill argue that making the deduction permanent will provide certainty and stability for small business owners and entrepreneurs, allowing them to better plan for the future and invest in their businesses. They also believe that the deduction helps to promote economic growth and job creation. Opponents of the bill may argue that making the deduction permanent could lead to a loss of tax revenue for the government, potentially exacerbating budget deficits. They may also raise concerns about the distributional effects of the deduction, as it primarily benefits higher-income individuals who own businesses. Overall, Bill 119 s 213 seeks to provide long-term support for small business owners and entrepreneurs by making the deduction for qualified business income a permanent feature of the tax code. The bill is currently under consideration in the US Congress and may undergo further revisions before potentially being signed into law.