H.R. 7795
Referred to CommitteeSmall Business Prosperity Act of 2022
Latest Action
Referred to the House Committee on Ways and Means.
5/17/2022 • House
Summary
Small Business Prosperity Act of 2022
This bill modifies the tax 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 2022.
Introduced in House • 5/17/2022
Topics & Subjects
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Bill Journey
Originated in the House
Introduced
May 17, 2022
Referred to the House Committee on Ways and Means.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law