Main Street Fairness Act

Summary

Main Street Fairness Act This bill amends the Internal Revenue Code to prevent qualified business income attributed to individuals from being taxed at a higher rate than corporate income. (Under current law, business income attributed to individuals is taxed using individual income tax rates rather than the corporate tax rate.) Qualified business income is all items of income, deduction, loss, or credit properly attributable to the taxpayer from the active conduct of a trade or business, including: a partnership in which the taxpayer holds a capital or profits interest; an S corporation in which the taxpayer is a shareholder; a sole proprietorship or an entity otherwise disregarded as separate from its sole owner, in which the taxpayer is the sole owner; and a trust or estate in which the taxpayer is a beneficiary. Qualified business income does not include any item taken into account in determining net capital gain or the financial services income of partnerships.

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Timeline

1. 23 March 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 March 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 March 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 March 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 March 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 23 March 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Collins, Susan M. [R-ME] · R · Sponsor
• Sen. Nelson, Bill [D-FL] · D · Sponsor
• · ssfi00 · Standing

Related records

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