The main purpose of this legislation, known as the Small Business Tax Cut Act, is to provide financial relief to small businesses by increasing the tax deduction available for qualified business income. This aims to support small business growth and help them retain more earnings for reinvestment and expansion. Key provisions of the Act include raising the deduction for qualified business income from 20 percent to 23 percent. This change will allow small businesses to deduct a larger portion of their income when calculating their taxes.