Referred to the House Committee on Ways and Means.
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?
1This bill makes a tax deduction for qualified business income permanent.
2It increases the deduction rate for qualified business income from 20% to 43%.
3The bill removes limits based on wages paid to employees for this deduction.
4It allows more types of businesses to qualify for the deduction.
5The bill also eliminates the estate tax for estates of people who die after 2024.
