Small Business Tax Deduction Expansion
Official: Small Business Prosperity Act of 2025
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.
Veterans Member Business Loan Act This bill excludes from credit union aggregate loan limitations member business loans made to veterans.
1. This bill makes a tax deduction for qualified business income permanent. 2. It increases the deduction rate for qualified business income from 20% to 43%. 3. The bill removes limits based on wages paid to employees for this deduction. 4. It allows more types of businesses to qualify for the deduction. 5. The bill also eliminates the estate tax for estates of people who die after 2024.
Small business owners and families inheriting estates.