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On January 23, Senator Steve Daines (R-MT) and Representative Lloyd Smucker (R-PA-11) reintroduced their Main Street Tax Certainty Act, legislation to make permanent Section 199A, which allows for a 20% deduction of qualified income for pass-through businesses. The legislation is supported by ICSC and more than 235 other trade associations that sent a letter of support to the two lawmakers.
The deduction is set to expire at the end of this year, along with many other provisions originally passed in the 2017 tax reform law – the Tax Cuts and Jobs Act (TCJA). Most small businesses are structured as a pass-through and this section was included in the TCJA to promote equity in America’s tax code between small businesses on Main Street with larger corporations. Without Congressional action, 9 out of 10 businesses will face tax rates up to 18 percentage points higher than those of public corporations.
The Senate bill, S. 213, was introduced with 37 original cosponsors. The House bill, H.R. 703, had 154 original, bipartisan cosponsors, including all Republicans of the House Ways and Means Committee.
For more information contact Phillips Hinch at phinch@icsc.com.