Small Business Tax Cut Act
To amend the Internal Revenue Code of 1986 to increase the deduction for qualified business income, and for other purposes.
The Small Business Tax Cut Act aims to change the Internal Revenue Code to increase the deduction for qualified business income for small businesses. This means small business owners could potentially pay less in taxes, which could help them keep more of their profits.
This bill would mainly affect small business owners and entrepreneurs. By reducing their tax burden, it could provide more financial flexibility and potentially encourage business growth and job creation. However, the exact impact would depend on how the changes are implemented and who qualifies for the increased deduction.
HB8415 was introduced on April 21, 2026, and was referred to the House Committee on Ways and Means on the same day. This committee will review the bill, hold hearings if necessary, and decide whether to move it forward for further consideration. No further actions have been recorded as of the last status update.
