We have received text from H.R. 8415: Small Business Tax Cut Act. This bill was received on 2026-04-21, and currently has 6 cosponsors.
Here is a short summary of the bill:
This bill, titled the Small Business Tax Cut Act, is aimed at modifying certain tax deductions related to qualified business income under the Internal Revenue Code of 1986. Its primary changes include:
Increase in Deduction for Qualified Business Income
The current tax code allows for a deduction of 20% on qualified business income. This bill proposes to increase that deduction to 23%. This change would allow eligible small businesses to retain more of their earnings, as they would be taxed on a smaller amount of their income.
Modification of Limitations Based on Taxable Income
The bill also revises the rules regarding how the deduction is applied based on a taxpayer's taxable income. Key points include:
- Taxpayers with taxable income below a certain threshold would not face limits on how much of the qualified business income they can deduct. This means they could claim the full 23% deduction without any phase-out restrictions.
- For those with taxable income above the threshold, the deduction may still be available but will phase out gradually based on their income level. The bill specifies a formula to calculate this phase-out amount.
Deduction Applicability to Certain Interest Dividends
The legislation extends the applicability of the qualified business income deduction to certain interest dividends from qualified business development companies (BDCs). Specifically, it modifies the tax code to include:
- Interest dividends from BDCs that are attributable to net interest income from qualified trades or businesses of that company.
- A definition clarifying what constitutes a "qualified BDC interest dividend."
Adjusted Inflation Measures
Another amendment involves the inflation adjustment process for income thresholds that apply to deductions. The bill updates the reference year from 2018 to 2025 to align the adjustments with more recent economic data.
Effective Date
The changes proposed in this bill are set to take effect for taxable years beginning after December 31, 2026. This means businesses will not benefit from these new measures until the 2027 tax year and onward.
Relevant Companies
- None found
Representative David Kustoff Bill Proposals
Here are some bills which have recently been proposed by Representative David Kustoff:
- H.R.8415: To amend the Internal Revenue Code of 1986 to increase the deduction for qualified business income, and for other purposes.
- H.R.8109: Save Struggling Hospitals Act
- H.R.6800: To amend the Internal Revenue Code of 1986 to terminate the tax-exempt status of terrorist supporting organizations.
- H.R.6449: DO NOT Call Act
- H.R.5345: Improving Social Security’s Service to Victims of Identity Theft Act
- H.R.5242: To repeal the Second Chance Amendment Act of 2022 and the Incarceration Reduction Amendment Act of 2016.
You can track bills proposed by Representative David Kustoff on Quiver Quantitative's politician page for Kustoff.
Representative David Kustoff Net Worth
Quiver Quantitative estimates that Representative David Kustoff is worth $8.8M, as of April 28th, 2026. This is the 119th highest net worth in Congress, per our live estimates.
Kustoff has approximately $2.9M invested in publicly traded assets which Quiver is able to track live.
You can track Representative David Kustoff's net worth on Quiver Quantitative's politician page for Kustoff.
2026 Tennessee's 8th Congressional District Election
There has been approximately $2,823,014 of spending in Tennessee's 8th congressional district elections over the last two years, per our estimates.
The rating for this race is currently "Solid R".
You can track this election on our matchup page for the 2026 Tennessee's 8th congressional district election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
