Senate Bill 707
115th Congress(2017-2018)
Main Street Fairness Act
Introduced
Introduced in Senate on Mar 23, 2017
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
707
Congress
115
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 Senate votes have been held for this bill.
Summary
Main Street Fairness Act
This bill amends the Internal Revenue Code to prevent qualified business income attributed to individuals from being taxed at a higher rate than corporate income.
(Under current law, business income attributed to individuals is taxed using individual income tax rates rather than the corporate tax rate.)
Qualified business income is all items of income, deduction, loss, or credit properly attributable to the taxpayer from the active conduct of a trade or business, including:
- a partnership in which the taxpayer holds a capital or profits interest;
- an S corporation in which the taxpayer is a shareholder;
- a sole proprietorship or an entity otherwise disregarded as separate from its sole owner, in which the taxpayer is the sole owner; and
- a trust or estate in which the taxpayer is a beneficiary.
Qualified business income does not include any item taken into account in determining net capital gain or the financial services income of partnerships.
March 23, 2017
03/23/2017
Read twice and referred to the Committee on Finance.
03/23/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:13 PM