The Small Business Prosperity Act of 2023

The Small Business Prosperity Act of 2023
HR 108

This pro-small business legislation proposes modifications of the tax deduction for qualified business income to:

• Make such deduction permanent
• Limit the top tax rate on qualified business income to 21%
• Repeal the limitation on the deduction based on the amount of wages paid
• 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
• Provide 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
• Repeal the estate tax after 2022 and retains the step-up in cost-basis for an estate

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