H.R. 116 · 115th Congress
Main Street Fairness Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BuchananSponsor5 cosponsors · 2 D, 3 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to prevent qualified business income attributed to individuals from being taxed at a higher rate than corporate income.
What it does: CRS summary · Introduced in House · Jan 3, 2017
Main Street Fairness Act
This bill amends the Internal Revenue Code to prevent qualified business income attributed to individuals from being taxed at a higher rate than corporate income.
(Under current law, business income attributed to individuals is taxed using individual income tax rates rather than the corporate tax rate.)
Qualified business income is all items of income, deduction, loss, or credit properly attributable to the taxpayer from the active conduct of a trade or business, including:
- a partnership in which the taxpayer holds a capital or profits interest;
- an S corporation in which the taxpayer is a shareholder;
- a sole proprietorship or an entity otherwise disregarded as separate from its sole owner, in which the taxpayer is the sole owner; and
- a trust or estate in which the taxpayer is a beneficiary.
Qualified business income does not include any item taken into account in determining net capital gain or the financial services income of partnerships.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Main Street Fairness Act
Latest action (Jan 3, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 3, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.