H.R. 703 explained · 119th Congress · Pending in Congress
Main Street Tax Certainty Act
Cosponsors: 192 (3 D, 189 R) · per Congress.gov, 2026-10-12
Introduced: 2025-01-23
Latest action (2025-01-23): Referred to the House Committee on Ways and Means.
What H.R. 703 does, in plain terms
Main Street Tax Certainty Act 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.
Official summary by the Congressional Research Service, via Congress.gov.
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