Main Street Tax Certainty Act

House Bill

H.R. 703

119th Congress

Main Street Tax Certainty Act

In Committee

Introduced:Jan 23, 2025

Primary Sponsor

Joyce Beatty

Representative

Democratic

OH-3

Cosponsors

192

Quick Stats

Policy Area

Taxation

Summary

The Main Street Tax Certainty Act makes permanent the qualified business income deduction, which allows pass-through businesses to deduct up to 20 percent of their business income. Without this bill, the deduction expires after December 31, 2025.

Latest Action

Referred to the House Committee on Ways and Means.

SponsorJoyce Beatty (D-OH)

Introduced1/23/2025

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

Main Street Tax Certainty Act

The Main Street Tax Certainty Act makes permanent the qualified business income deduction, which allows pass-through businesses to deduct up to 20 percent of their business income. Without this bill, the deduction expires after December 31, 2025.

Community Breakdown

Pass

0%

Fail

0%

0 predictions

The Main Street Tax Certainty Act makes permanent the qualified business income deduction, which allows pass-through businesses to deduct up to 20 percent of their business income. Without this bill, the deduction expires after December 31, 2025.

Bill Number: 703
Sponsor: Joyce Beatty (D-OH)
Introduced: 1/23/2025
Status: Referred to the House Committee on Ways and Means.
Policy Area: Taxation

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Main Street Tax Certainty Act
Bill Number: 703
Sponsor: Joyce Beatty (D-OH)
Status: Referred to the House Committee on Ways and Means.
Introduced: 1/23/2025
Summary: The Main Street Tax Certainty Act makes permanent the qualified business income deduction, which allows pass-through businesses to deduct up to 20 percent of their business income. Without this bill, the deduction expires after December 31, 2025.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The Main Street Tax Certainty Act makes permanent the qualified business income deduction, which allows pass-through businesses to deduct up to 20 percent of their business income. Without this bill, the deduction expires after December 31, 2025.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

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.

Key Points

Main provisions of the bill

Makes QBI deduction permanent
Preserves 20 percent business income deduction
Prevents expiration after 2025
Benefits pass-through businesses
Applies to individuals, estates, and trusts

How This Impacts Americans

Potential effects on citizens and communities

Small and medium business owners would have tax certainty beyond 2025. Pass-through entities like LLCs and S-corps would maintain the deduction permanently. Main Street businesses could plan long-term with stable tax treatment.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

703, 119th Congress (2025). "Main Street Tax Certainty Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-703

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