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Small Business Tax Deduction Expansion
Recent Bills/Small Business Tax Deduction Expansion

Small Business Tax Deduction Expansion

IntroducedJanuary 3, 2025
Introduced1 year ago
Intro
House
Senate
Pres
Introduced in Senate
Why This Matters

This bill aims to help small businesses by making their tax deductions larger and more accessible. It also removes the estate tax for certain estates, which could benefit families inheriting businesses.

If you own a small business, you could save more money on your taxes starting in 2025.
Who this affects
Small business owners · Families inheriting estates
What changes is this bill making?
  1. 1This bill makes a tax deduction for qualified business income permanent.
  2. 2It increases the deduction rate for qualified business income from 20% to 43%.
  3. 3The bill removes limits based on wages paid to employees for this deduction.
  4. 4It allows more types of businesses to qualify for the deduction.
  5. 5The bill also eliminates the estate tax for estates of people who die after 2024.
Read the detailed summary

Veterans Member Business Loan Act This bill excludes from credit union aggregate loan limitations member business loans made to veterans.

Bill Progress1 of 4
Bills must pass the House, Senate, and be signed by the President to become law.
Intro
House
Senate
Pres
IntroducedCurrentJan 3, 2025

Introduced in Senate

Sponsors
See all 5 sponsors
House
Senate
President

The President

Joe Biden
46th President
Awaiting Vote
Similar Bills
House Bill · HR 1199
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House Bill · HR 354
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Senate Bill · S 695
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Small Business Investment Act of 2025
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