H.R. 4947
Referred to CommitteeSmall Business Prosperity Act of 2019
Latest Action
Referred to the House Committee on Ways and Means.
10/31/2019 • House
Summary
Small Business Prosperity Act of 2019
This bill amends the Internal Revenue Code, with respect to the deduction for qualified business income, to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of "qualified trade or business" to mean any trade or business other than the trade of business of performing services as an employee.
The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization,
The bill repeals the estate tax after 2019.
Introduced in House • 10/31/2019
Topics & Subjects
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Bill Journey
Originated in the House
Introduced
October 31, 2019
Referred to the House Committee on Ways and Means.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law