Main Street Tax Certainty Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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R DainesSponsor

45 cosponsors · 45 R

37 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill makes permanent the qualified business income (QBI) tax deduction.

What it does: CRS summary · Introduced in Senate · Jan 23, 2025

Main Street Tax Certainty Act

This bill makes permanent the qualified business income (QBI) tax deduction.

Under current law, individuals, estates, and trusts may deduct the lower of (1) 20% of QBI from a qualified business, qualified real estate investment trust dividends, and qualified publicly traded partnership income; or (2) 20% of taxable income less net capital gain. (Some limitations apply.)

However, under current law, the QBI tax deduction expires after December 31, 2025.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Main Street Tax Certainty Act

Latest action (Jan 23, 2025): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Jan 23, 2025

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.