Relief and Equity for Small businesses through Tax Act or the REST Act
This bill increases from 20% to 25% the rate of the tax deduction for the business income of taxpayers whose taxable income does not exceed $100,000.
To amend the Internal Revenue Code of 1986 to increase the qualified 
 business income deduction for taxpayers whose taxable income does not 
                exceed $100,000, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Relief and Equity for Small 
businesses through Tax Act'' or the ``REST Act''.

SEC. 2. INCREASED QUALIFIED BUSINESS INCOME DEDUCTION FOR CERTAIN 
              TAXPAYERS.

    (a) In General.--Section 199A of the Internal Revenue Code of 1986 
is amended by redesignating subsections (h) and (i) as subsections (i) 
and (j), respectively, and by inserting after subsection (g) the 
following new subsection:
    ``(h) Increased Deduction for Certain Individuals.--
            ``(1) In general.--In the case of a taxpayer whose taxable 
        income does not exceed $100,000, subsections (a)(2) and (b) 
        shall be applied by substituting `25 percent' for `20 percent' 
        each place it appears.
            ``(2) Inflation adjustment.--In the case of any taxable 
        year beginning after 2022, the dollar amount in paragraph (1) 
        shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2021' for `calendar year 2016' in 
                subparagraph (A)(ii) thereof.
        If any increase determined under this paragraph is not a 
        multiple of $1,000, such increase shall be rounded to the 
        nearest multiple of $1,000.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>
REST Act
To amend the Internal Revenue Code of 1986 to increase the qualified business income deduction for taxpayers whose taxable income does not exceed $100,000, and for other purposes.
REST Act
Relief and Equity for Small businesses through Tax Act
Rep. Newman, Marie