Senate Bill 480
117th Congress(2021-2022)
Main Street Tax Certainty Act
Introduced
Introduced
Introduced in Senate on Feb 25, 2021
Overview
Text
Introduced
Feb 25, 2021
Latest Action
Feb 25, 2021
Origin Chamber
Senate
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
480
Congress
117
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.
Sponsorship by Party
Montana
Louisiana
Louisiana
Missouri
South Carolina
No Senate votes have been held for this bill.
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.

Text (1)
February 25, 2021
Actions (2)
02/25/2021
Read twice and referred to the Committee on Finance.
02/25/2021
Introduced in Senate
Public Record
Created
Feb 26, 2021 5:57:12 AM
Updated
Apr 8, 2021 4:31:24 AM