H.R. 703 · 119th Congress · 2025–2026
Main Street Tax Certainty Act
H.R. 703 in the 119th Congress (2025–2026) was introduced on Jan 23, 2025, sponsored by Lloyd Smucker with 192 co-sponsors.
During the 119th Congress (2025–2026), Donald Trump was president, and Republicans held majorities in both the House and Senate.
- Status
- Introduced
- Introduced
- Jan 23, 2025
- Co-sponsors
- 192
- Policy area
- Taxation
What it does
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.
Summary by the nonpartisan Congressional Research Service.
Sponsor
Lloyd Smucker (R-PA). Co-sponsors: 3 Democrats, 189 Republicans.
Where it stands
- IntroducedJan 23, 2025
- Passed the House—
- Passed the Senate—
- Sent to the President—
- Became law—
Latest action: Referred to the House Committee on Ways and Means. (Jan 23, 2025)
More bills from Lloyd Smucker in the 119th Congress
- H.R. 5348: Social Security Child Protection Act of 2025
- H.R. 6231: Improve and Enhance the Work Opportunity Tax Credit Act
- H.R. 7808: Debt-to-GDP Transparency and Stabilization Act
- H.R. 7847: Stop Unemployment Fraud Act
- H.R. 8025: Protecting American Streaming and Innovation Act
- H.R. 8355: Accountable Produce is Medicine Act of 2026
- H.R. 8804: Medicare Payment Integrity Enhancement Act of 2026
- H.R. 9721: Fiscal Sponsorship Transparency Act of 2026
Other Taxation bills in the 119th Congress
- H.J.Res. 25: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the…
- H.R. 517: Filing Relief for Natural Disasters Act
- H.R. 998: Internal Revenue Service Math and Taxpayer Help Act
- H.R. 1491: Disaster Related Extension of Deadlines Act
- H.R. 5366: Federal Disaster Tax Relief Act of 2025
- S.J.Res. 3: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United…
- H.R. 33: To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain…
- S. 213: Main Street Tax Certainty Act
- H.R. 247: Health Care Affordability Act of 2025
- H.R. 335: Repeal the NFA Act
Committees
More
From GovInfo bill records, Congressional Research Service summaries, Voteview roll calls and lobbying reports.
Cite or embed this page
Capitol Receipts, “H.R. 703 (119th Congress): Main Street Tax Certainty Act,” https://www.capitolreceipts.com/bill/119-hr-703/main-street-tax-certainty-act (accessed 2026-10-16).