GCCA Joins Coalition in Support of Main Street Tax Certainty Act
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GCCA joined over 140 industry groups in sending a letter of support for S. 1706, the Main Street Tax Certainty Act of 2023, recently introduced by Senator Steve Daines (R-MT). The legislation would make permanent the 20-percent deduction for small and individually owned businesses (Section 199A).
The bill would help provide certainty to the millions of S corporations, partnerships and sole proprietorships that rely on the Section 199A deduction to remain competitive. Section 199A is scheduled to sunset at the end of 2025, even as the businesses it supports continue to recover from the COVID-19 pandemic and the price hikes, labor shortages, and supply chain disruptions that followed.
Making the Section 199A deduction permanent will help businesses through this very difficult time, and lead to higher economic growth and more employment.
