3.0.0 707 2023-01-11T13:36:13Z 2023-01-11T13:36:13Z Senate S 2017-03-23 115 ssfi00 Finance Committee Senate Standing Referred to 2017-03-23T16:34:04Z Main Street Fairness Act 115 116 HR 2017-01-03 Referred to the House Committee on Ways and Means. Identical bill CRS 2017-03-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-03-23 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2017-03-23 True Taxation Income tax rates Tax administration and collection, taxpayers Taxation 00 2017-03-23 Introduced in Senate 2017-04-03T19:20:42Z 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.

]]> Main Street Fairness Act Display Title Main Street Fairness Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to ensure that pass-through businesses do not pay tax at a higher rate than corporations. Introduced in Senate IS Short Titles as Introduced Main Street Fairness Act Introduced in Senate 2017-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s707is/xml/BILLS-115s707is.xml 2017-03-23 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.