HR 4947
Small Business Prosperity Act of 2019
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Small Business Prosperity Act of 2019 aims to benefit small businesses by making a tax deduction for qualified business income permanent and increasing the maximum tax rate on this income to 21% (or 47% after 2025). It also removes limitations on this deduction based on wages paid and clarifies the definition of a ‘qualified trade or business.’ Additionally, the bill eliminates the estate tax for deaths occurring after 2019 and prevents corporate restructuring from being treated as a taxable event unless there are changes to ownership or assets.
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