An important tax deduction for many individual- and family-owned businesses – Section 199A of the Tax Cuts and Jobs Act – is set to expire in just two years. NAIFA strongly supports legislation sponsored by Senator Steve Daines (R-MT) that would make permanent the 20% deduction for pass-through businesses.
Senator Daines's bill, the Main Street Tax Certainty Act, would be a direct benefit to Main Street communities across the United States, keeping taxes in check for businesses that employ the majority of American private sector workers and which in many cases are still recovering from the economic impacts of the pandemic, labor shortages, and supply chain disruptions.
NAIFA has joined a letter with more than 140 trade associations lauding Senator Danies's introduction of the bill and urging his colleagues in Congress to support it. Many NAIFA members are small business owners and provide planning and financial services to businesses and their employees. They understand the financial challenges faced by Main Street Americans and support the quick adoption of the Main Street Tax Certainty Act to ensure the current deduction does not sunset.