GCCA Joins Industry Partners in Support of Main Street Tax Certainty Act

The Main Street Tax Certainty Act has officially been introduced in the House by Representative Lloyd Smucker (R-PA), joining Senator Daine’s (R-MT) introduction in the Senate.  The Act seeks to make a 20-percent tax deduction permanent for small and individually owned businesses (Section 199A).  The tax deduction was included in the 2017 Tax Cuts and Jobs Act, and allows “owners to deduct up to 20 percent of the domestic qualified business income (QBI) earned by the business on the owner’s tax return, subject to other significant limitations.”  The legislation allows S corporations, partnerships, and sole proprietors to remain competitive and resilient in today’s post-COVID economy.  The bill has garnered significant support in the House, with over 80 co-sponsors, including all Republicans on the Ways & Means Committee, and Democratic Representatives Henry Cuellar (TX) and Josh Gottheimer (NJ).  GCCA along with over a hundred other industry allies recently signed a letter to both Senator Daines and Representative Smucker in support of the legislation.