Small Business Prosperity Act of 2022
Summary
Small Business Prosperity Act of 2022 This bill modifies the tax 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 2022.
Bill status
in committee
1 of 4 stages cleared
Introduction
May 2022
Committee Review
Floor Vote
President
Introduced May 17, 2022
Last action May 17, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
May 17, 2022
Committee
Referred to the House Committee on Ways and Means.
lower
May 17, 2022
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Andy Biggs
RRepublican
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