To amend the Internal Revenue Code of 1986 to expand the deduction for qualified business income, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires increase and expansion of deduction for qualified business income Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i), requires no taxable event for change of corporate form Notwithstanding any provision of the Internal Revenue Code of 1986, a change in the organizational structure of a corporation, however organized, into another, and repeals repeal of estate tax and retention of basis step-up Effective for estates of decedents dying after December 31, 2022, chapter 11 of the Internal Revenue Code of 1986 is repealed. It relies on compliance mandates, tax rate changes, definition changes, and tax deductions. The main policy areas are Business and Finance.
Who Benefits and How
Businesses and employers affected by the bill could face lower compliance burdens and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Businesses and employers affected by the bill would take on compliance duties.
Key Provisions
- Requires increase and expansion of deduction for qualified business income Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i).
- Requires no taxable event for change of corporate form Notwithstanding any provision of the Internal Revenue Code of 1986, a change in the organizational structure of a corporation, however organized, into another...
- Repeals repeal of estate tax and retention of basis step-up Effective for estates of decedents dying after December 31, 2022, chapter 11 of the Internal Revenue Code of 1986 is repealed.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires increase and expansion of deduction for qualified business income Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i), requires no taxable event for change of corporate form Notwithstanding any provision of the Internal Revenue Code of 1986, a change in the organizational structure of a corporation, however organized, into another, and repeals repeal of estate tax and retention of basis step-up Effective for estates of decedents dying after December 31, 2022, chapter 11 of the Internal Revenue Code of 1986 is repealed.
Key Policy Areas
Business, Finance
Primary Purpose
The bill requires increase and expansion of deduction for qualified business income Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i), requires no taxable event for change of corporate form Notwithstanding any provision of the Internal Revenue Code of 1986, a change in the organizational structure of a corporation, however organized, into another, and repeals repeal of estate tax and retention of basis step-up Effective for estates of decedents dying after December 31, 2022, chapter 11 of the Internal Revenue Code of 1986 is repealed.
Policy Domains
Whole bill
Identified Gains
- Businesses and employers affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Biggs introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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