Follow us for the latest as we continue our efforts to champion commonsense small-business policy, including S. 1706.
Last week, nearly 150 advocacy groups representing a significant number of small businesses driving the U.S. economy signed a letter of support introduction and permanent passage of the Main Street Tax Certainty Act (S. 1706).
The bill, introduced by Sen. Steve Daines (R-Mont.), would prevent rate hikes on America’s individually and family-owned businesses by making permanent the Section 199A 20 percent deduction. This deduction was created by the Tax Cuts and Jobs Act but is scheduled to sunset at the end of 2025.
Cosponsored by more than a dozen other Senators, introduction of this legislation was widely anticipated and greatly appreciated by the business community, including NSBA.
As the letter notes:
Making the Section 199A deduction permanent will help Main Street during this very difficult time, leading to higher economic growth and more employment. Separate studies…found that making the pass-through deduction permanent would result in significantly improved parity and lower rates for Main Street businesses.
Read more and the entire letter here, and follow NSBA as we continue advocating for commonsense policy to support small business, including S. 1706.
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