H.R. 703, also known as the "Main Street Tax Certainty Act," aims to make permanent a tax deduction for qualified business income. Specifically, the bill proposes to amend Section 199A of the Internal Revenue Code of 1986 by removing a portion that would have otherwise led to...
Simple Explanation
H.R. 703 wants to change the rules so that small businesses can keep getting a special tax break every year, without it disappearing; this means they can keep more money that they earn for a longer time.