US HB5076 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 13-0)
Status: Introduced on April 27 2016 - 25% progression, died in committee
Action: 2016-04-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 27 2016 - 25% progression, died in committee
Action: 2016-04-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
Main Street Fairness Act
Sponsors
Rep. Vern Buchanan [R-FL] | Rep. Charles Boustany [R-LA] | Rep. Pete Sessions [R-TX] | Rep. David Jolly [R-FL] |
Rep. Bill Flores [R-TX] | Rep. Mark Meadows [R-NC] | Rep. Steve Stivers [R-OH] | Rep. Andy Harris [R-MD] |
Rep. Randy Neugebauer [R-TX] | Rep. Robert Wittman [R-VA] | Rep. Scott Tipton [R-CO] | Rep. Robert Dold [R-IL] |
Rep. Bob Goodlatte [R-VA] |
History
Date | Chamber | Action |
---|---|---|
2016-04-27 | House | Referred to the House Committee on Ways and Means. |
2016-04-27 | House | Introduced in House |
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5076/all-info |
Text | https://www.congress.gov/114/bills/hr5076/BILLS-114hr5076ih.pdf |