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HR 2603119th CongressIntroduced
Small Business Tax Fairness and Compliance Simplification Act
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
H.R. 2603 simplifies reporting for the beauty service industry, extends the tip credit to beauty services, establishes a safe‑harbor for employers, and requires reporting of rental income from beauty spaces.
Key Points
- 1Extension of the tip credit to beauty services with a 15% gross‑receipt threshold.
- 2Employer tip‑reporting safe harbor with educational and record‑keeping requirements.
- 3Reporting requirement for rental income of $600 or more from beauty services.
- 4Effective dates: tip credit and safe harbor apply to tax years beginning after 2024; reporting applies after 2025.
- 5Regulatory guidance to be issued by the Secretary.
Impact Areas
Beauty service businesses and employeesIRS tax administrationSmall business ownersConsumers of beauty services
Generated by openai/gpt-oss-20b:free on Nov 19, 2025