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August 1, 2023
On July 18, Rep. Lloyd Smucker, R-Pa., introduced the Main Street Tax Certainty Act, H.R. 4721, legislation which would make permanent the current 20% deduction for small and family-owned businesses, provided through Section 199A of the Tax Cuts and Jobs Act of 2017. This bipartisan proposal is co-sponsored by 99 U.S. representatives, including two Democrats, and has the support of all Republican members of the U.S. House Ways and Means Committee.
Section 199A is key to ensuring parity between taxes on small businesses and larger corporations and is essential to allowing America’s small businesses to remain competitive and provide critical jobs for all of America’s workers. The provision will expire at the end of 2025 if not renewed.
ABC joined over 160 organizations in support of the legislation, and also supported mirror legislation in the U.S. Senate introduced by Sen. Steve Daines, R-Mont., earlier this year.
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