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Strikes the statutory sunset for the qualified business income (QBI) deduction by removing subsection (i) of Internal Revenue Code section 199A, effectively making the QBI deduction permanent. That deduction provides eligible owners of pass-through businesses (sole proprietors, partnerships, S corporations, some trusts and estates) a tax break tied to their qualified business income; this change preserves that break beyond the prior expiration date in current law.
Read twice and referred to the Committee on Finance.
Introduced January 23, 2025 by Steve Daines · Last progress 1 year ago