House Bill 2971
116th Congress(2019-2020)
Freedom for Small Businesses Act of 2019
Introduced
Introduced in House on May 23, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2971
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Freedom for Small Businesses Act of 2019
This bill revises the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee.
May 23, 2019
05/23/2019
Referred to the House Committee on Ways and Means.
05/23/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 6:02:34 AM