Main Street Tax Certainty Act
Latest action · May 18, 2023 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 18, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 34
Members who signed on, in the order they did. Signatures ran from May 18, 2023 to Sep 9, 2024; 14 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-LA | Bill Cassidy | Original | May 18, 2023 |
| R-TN | Bill Hagerty | Original | May 18, 2023 |
| R-IA | Chuck Grassley | Original | May 18, 2023 |
| R-ID | James E. Risch | Original | May 18, 2023 |
| R-WY | John Barrasso | Original | May 18, 2023 |
| R-AL | Katie Boyd Britt | Original | May 18, 2023 |
| R-ND | Kevin Cramer | Original | May 18, 2023 |
| R-TN | Marsha Blackburn | Original | May 18, 2023 |
| R-IN | Mike Braun | Original | May 18, 2023 |
| R-MS | Roger F. Wicker | Original | May 18, 2023 |
| R-KS | Roger Marshall | Original | May 18, 2023 |
| R-TX | Ted Cruz | Original | May 18, 2023 |
| R-NC | Thom Tillis | Original | May 18, 2023 |
| R-SC | Tim Scott | Original | May 18, 2023 |
| R-WY | Cynthia M. Lummis | May 30, 2023 | |
| R-NC | Ted Budd | Jun 6, 2023 | |
| R-KS | Jerry Moran | Jun 14, 2023 | |
| R-UT | Mike Lee | Jun 14, 2023 | |
| R-LA | John Kennedy | Jul 27, 2023 | |
| R-NE | Pete Ricketts | Sep 6, 2023 | |
| R-MO | Eric Schmitt | Sep 12, 2023 | |
| R-KY | Rand Paul | Sep 14, 2023 | |
| R-FL | Rick Scott | Sep 20, 2023 | |
| R-AR | Tom Cotton | Oct 4, 2023 | |
| R-OH | J. D. Vance | Oct 16, 2023 | |
| R-AR | John Boozman | Oct 16, 2023 | |
| R-MS | Cindy Hyde-Smith | Oct 31, 2023 | |
| R-NE | Deb Fischer | Nov 1, 2023 | |
| R-AK | Dan Sullivan | Nov 6, 2023 | |
| R-SC | Lindsey Graham | Nov 9, 2023 | |
| R-IA | Joni Ernst | Jan 24, 2024 | |
| R-AL | Tommy Tuberville | Mar 7, 2024 | |
| R-SD | Mike Rounds | Jul 30, 2024 | |
| R-ND | John Hoeven | Sep 9, 2024 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 18, 2023 |
Actions 2
Everything that happened, newest first.
- May 18, 2023Introduced in Senate
- May 18, 2023Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 480 | Main Street Tax Certainty Act | Reintroduction of | Feb 25, 2021 |
| HR 4721 | Main Street Tax Certainty Act | Identical bill | Jul 18, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.
- Short Title(s) as Introduced
- Main Street Tax Certainty Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 18, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
