HR 7795 United States House · 117th Congress

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
Photo of Andy Biggs
Andy Biggs
RRepublican
AZ
5