Pipeline · Bill → Law
Step 1
Introduced
Jan 23, 2025
Step 2
Referred
Jan 23, 2025
Finance
Step 3
Committee
Step 4
Senate
Step 5
House floor
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
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.
Amendment
Timeline · 2 actions
Jan 23, 2025
Introduced in Senate
Jan 23, 2025
Read twice and referred to the Committee on Finance.