3.0.0 108 2024-07-24T15:24:13Z 2024-07-24T15:24:13Z House H HR 2023-01-09 118 [Congressional Record Volume 169, Number 7 (Monday, January 9, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BIGGS:H.R. 108.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H110]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-01-09T22:10:30Z 2023-01-09 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-01-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-01-09 Introduced in House IntroReferral 1000 9 Library of Congress B001302 Rep. Biggs, Andy [R-AZ-5] Andy Biggs R AZ 5 N Taxation Corporate finance and management 2023-01-19T20:48:17Z Income tax deductions 2023-01-19T20:48:17Z Small business 2023-01-19T20:48:17Z Tax administration and collection, taxpayers 2023-01-19T20:48:17Z Transfer and inheritance taxes 2023-01-19T20:48:17Z Taxation 2023-01-18T14:45:56Z 00 2023-01-09 Introduced in House 2023-01-18T15:45:38Z Small Business Prosperity Act of 2023

This bill modifies 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.

The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization,

The bill repeals the estate tax after 2022.

]]> Small Business Prosperity Act of 2023 Display Title 45 Small Business Prosperity Act of 2023 2024-07-24T15:24:13Z Short Title(s) as Introduced 101 Small Business Prosperity Act of 2023 2024-05-24T13:43:13Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to expand the deduction for qualified business income, and for other purposes. 2024-03-18T20:10:34Z Introduced in House IH Introduced in House 2023-01-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr108ih/xml/BILLS-118hr108ih.xml 2023-01-09 Referred to the House Committee on Ways and Means. 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.