Senator Steve Daines (R-MT), Majority Leader John Thune (R-SD), and 33 Republican Senators have introduced the Main Street Tax Certainty Act, a bill that would make the 20% pass-through business tax deduction permanent. Representative Lloyd Smucker (R-PA) has introduced companion legislation in the House, which is co-sponsored by 153 Representatives. The deduction is currently set to expire with many provisions of the Tax Cuts and Jobs Act at the end of this year. 

NAIFA has been a vocal proponent of retaining the deduction to ensure American small businesses don't face a potentially significant tax increase. Most recently, we signed on to a letter to Senator Daines and Representative Smucker urging passage of the legislation.

"NAIFA thanks Senator Daines, Majority Leader Thune, Representative Smucker, and all of the cosponsors of the Main Street Tax Certainty Act," said NAIFA CEO Kevin Mayeux, CAE. "Preserving the pass-through business tax deduction is very important to NAIFA members, many of who are small business owners and who serve the financial needs of other businesses in their communities. Encouraging tax measures that promote a strong economy and financial security is an important element of NAIFA's 2025 advocacy agenda." 

Financial professionals can send their own letters urging their lawmakers to support the legislation. Visit NAIFA's Advocacy Action Center for more information.