H.R. 703: Main Street Tax Certainty Act

Introduced Jan 23, 2025192 cosponsors

Sponsor

Lloyd Smucker

Republican · PA-11

Bill Progress

IntroducedJan 23

Committee

Pass House

Pass Senate

Signed

Law

Latest Action · Jan 23, 2025

1/4

Referred to the House Committee on Ways and Means.

Small business tax certainty shouldn’t expire

3 min readLast updated July 3, 2026

Why it matters

A tax break many pass-through businesses already count on ends after 2025 unless Congress acts. H.R. 703 would keep that deduction in place permanently, so eligible owners could keep claiming it in 2026 and beyond.

H.R. 703 is a short tax bill with one main job: stop the qualified business income deduction from expiring after 2025.

Right now, that deduction is temporary. This bill removes the sunset, so eligible filers could keep using it for tax years that begin in 2026 and later.

It does not create a new deduction, raise the deduction percentage, or expand eligibility in the text provided. It keeps the existing deduction alive for the people and businesses already covered under current law.

H.R. 703 Bill Summary

What H.R. 703 actually does.

Qualified business deduction stays on the books

H.R. 703 removes the current expiration date for the qualified business income deduction, so it would continue instead of ending after 2025.

The change starts with 2026 tax years

The bill applies to taxable years beginning after December 31, 2025. In practice, that means tax years starting in 2026 and later.

Existing rules stay in place

The bill does not add a new deduction amount or rewrite the broader eligibility rules in the text provided. It keeps the current deduction from timing out.

House support is already substantial

Congress.gov lists Rep. Lloyd Smucker as sponsor and 192 cosponsors. That does not guarantee passage, but it shows the bill starts with a large House coalition.

Who benefits from H.R. 703?

Owners of pass-through businesses who already qualify

If your business income currently qualifies, H.R. 703 would let you keep using that deduction after 2025 instead of planning for it to disappear.

Self-employed filers and sole proprietors

If you work for yourself and qualify under current law, the bill would preserve a deduction that can materially affect your annual tax bill.

Partnership and S corporation owners

Business owners who report income on their personal returns could keep claiming the deduction in future tax years, assuming they still meet the existing rules.

Accountants and small-business planners

A permanent rule is easier to plan around than a scheduled expiration. The bill would remove one major deadline from long-term tax planning.

Who is affected by H.R. 703?

Eligible filers using the deduction today

They are the people most directly affected because the bill decides whether this tax break ends after 2025 or continues.

Business owners who do not qualify under current rules

They would not automatically gain access. H.R. 703 keeps the deduction from expiring, but it does not broadly expand who is eligible in the text provided.

Federal budget writers

Making a temporary deduction permanent would likely reduce future tax revenue compared with letting it expire, though the materials provided do not include an official score.

The House Ways and Means Committee

This committee controls whether the bill advances in the House, so it is the immediate gatekeeper for the proposal.

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Tracking floor activity — no debate on H.R. 703 yet. Updates when a legislator speaks on the record.

HR703 Legislative Journey

1 actions

House: Committee Action

Jan 23, 2025

Referred to the House Committee on Ways and Means.

About the Sponsor

Lloyd Smucker

Republican, Pennsylvania's 11th congressional district · 9 years in Congress

Committees: Joint Economic Committee, the Budget, Ways and Means

View full profile →

Cosponsors (192)

No new cosponsors in 322 days — momentum stalled

This bill has 192 cosponsors: 3 Democrats, 189 Republicans. Cosponsors represent 40 states: Alaska, Alabama, Arkansas, and 37 more.

3Democrats189Republicans·40 states

Mike Kelly

Republican · PA

Darin LaHood

Republican · IL

Beth Van Duyne

Republican · TX

Vern Buchanan

Republican · FL

Carol Miller

Republican · WV

Randy Feenstra

Republican · IA

Gregory Murphy

Republican · NC

Pete Stauber

Republican · MN

John Joyce

Republican · PA

Mike Bost

Republican · IL

Dan Crenshaw

Republican · TX

Daniel Meuser

Republican · PA

Cosponsor Coverage Map

Committee Sponsors

Ways and Means Committee

19D26R

|24 signed21 not yet

24 of 45 committee members cosponsored

2 Republicans across this committee haven't cosponsored yet. Mobilize their constituents

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H.R. 703 Quick Facts

Cosponsors

192

+187 more

Committee: Ways and Means
Chamber: House
Policy: Taxation
Introduced: Jan 23, 2025

Referred to the House Committee on Ways and Means.

Jan 23, 2025

Constituent Resources

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Official Sources

H.R. 703 on Congress.gov

Official bill page with status, cosponsors, committee referral, text, and actions for the Main Street Tax Certainty Act.

26 U.S. Code § 199A — Qualified business income

Official U.S. Code page for Section 199A, the qualified business income deduction that H.R. 703 would make permanent.

Publication 535 — Business Expenses

IRS publication that includes official guidance on the qualified business income deduction and related business tax rules.

Instructions for Form 8995

IRS instructions for the simplified qualified business income deduction form used by many eligible filers.

Instructions for Form 8995-A

IRS instructions for the more detailed qualified business income deduction calculation, relevant to partnerships, S corporations, and higher-complexity filers.

About Schedule K-1 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, etc.

IRS page explaining S corporation shareholder reporting, relevant because H.R. 703 affects deduction availability for eligible pass-through owners.

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H.R. 703 Common Questions

What does H.R. 703 do?

H.R. 703 would make the qualified business income deduction permanent by removing its current 2025 expiration date. It keeps an existing tax break in place rather than creating a new one.

Does H.R. 703 create a new small business deduction?

No. H.R. 703 does not create a new deduction amount in the bill text provided. It keeps the current qualified business income deduction from expiring after 2025.

When would the change take effect?

For tax years beginning in 2026 and later. The bill is written to apply after December 31, 2025.

Would sole proprietors still be able to claim the deduction?

If you already qualify under current law, yes. H.R. 703 keeps the deduction available after 2025 rather than letting it expire.

Does H.R. 703 help partnerships and S corporations too?

Yes, if their owners already qualify under the existing rules. The bill keeps the current deduction alive for future tax years instead of broadening it.

Who would not benefit from H.R. 703?

People and businesses that do not qualify for the deduction under current law would not automatically benefit. H.R. 703 preserves the tax break, but it does not rewrite the broader eligibility rules in the text provided.