MP Jason Smith
WASHINGTON, DC – US Senator Steve Daines (R-Mont.), Congressman Jason Smith (R-Mo.) And Congressman Henry Cuellar (D-Texas) introduced a non-partisan bicameral law to make the 20 percent small business tax deduction permanent . Your bill, the Main Street Tax Certainty Act, will support small businesses, help create jobs and strengthen our economies. Without measures taken by Congress, the tax deduction will expire at the end of 2025.
“Small businesses in Montana help our communities thrive and thrive – they make our hometowns feel right at home.” Said Daines. “If this main drag tax break is permanent, it will provide the security needed to help small Montana businesses stay afloat, create more jobs and grow their businesses.”
“If Main Street Thrives, America Thrives” said Congressman Smith. “On behalf of the tens of millions of working class Americans employed in our country’s small businesses, I couldn’t be more proud to lead the indictment to ensure this small business tax cut is permanent. These workers, who form the backbone of this country, can compete against anyone in the world if they have a level playing field. My legislation ensures that our tax laws are fair to Main Street businesses that power our economy. “
“Main Street companies are the backbone of our economy. They employ the majority of US workers and represent 95 percent of all businesses.” said Congressman Henry Cuellar. “This bipartisan legislation will ensure permanent tax relief for the millions of employers by permanently deducting the 20 percent. I am determined to provide critical assistance to the small businesses in our country and the communities they serve. “
Read the full text HERE.
Legislation ensures that millions of businesses on Main Street continue to maintain tax parity with large corporations. Section 199A, enacted under the Tax Cuts and Jobs Act 2017, allows certain transit businesses to deduct up to 20 percent of certain income.
Section 199A deduction is available to eligible taxpayers with Qualifying Business Income (QBI) from qualifying businesses or companies operated as sole proprietorships or through partnerships, S-companies, trusts or estates, and qualifying REIT dividends and publicly traded partnership income . Section 199A Deduction is not available for C companies.
The bill received significant support from over 80 stakeholders, including the S Corporation Association, the National Federation of Independent Business (NFIB), the American Farm Bureau Federation, the National Association of Professional Insurance Agents (PIA), and the Independent Community Bankers Association of America and the National Beer Wholesalers Association.
To read the letter of support from over 80 groups, click HERE.