US Congress House Bill 4947 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on October 31 2019 - 25% progression, died in committee
Action: 2019-10-31 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Small Business Prosperity Act of 2019

Rep. Andy Biggs [R-AZ]

Date	Chamber	Action
2019-10-31	House	Referred to the House Committee on Ways and Means.
2019-10-31	House	Introduced in House

HB216 (Related) 2019-01-03 - Referred to the House Committee on Ways and Means.
HB2971 (Related) 2019-05-23 - Referred to the House Committee on Ways and Means.
HB6396 (Related) 2020-09-30 - Referred to the Subcommittee on Health.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/4947/all-info
Text	https://www.congress.gov/116/bills/hr4947/BILLS-116hr4947ih.pdf