Small Business Prosperity Act of 2025

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 110 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 110 To amend the Internal Revenue Code of 1986 to expand the deduction for qualified business income, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 3, 2025 Mr. Biggs of Arizona introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to expand the deduction for qualified business income, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Business Prosperity Act of 2025''. SEC. 2. INCREASE AND EXPANSION OF DEDUCTION FOR QUALIFIED BUSINESS INCOME. (a) Deduction Made Permanent.--Section 199A of the Internal Revenue Code of 1986 is amended by striking subsection (i). (b) Deduction To Achieve a Top Rate on Qualified Business Income of 21 Percent.--…