GCCA Signs Letter Supporting Main Street Tax Certainty Act

GCCA along with over a hundred other industry allies signed a letter to Senator Daines (R-MT) and Congressman Smucker (R-PA), in support of the Main Street Tax act which would make the 20-percent deduction for small and individually owned businesses permanent (Section 199A). The legislation would provide certainty to the millions of S corporations, partnerships and sole proprietorships that rely on the Section 199A deduction to remain competitive. The tax deduction was included in the 2017 Tax Cuts and Jobs Act, and is set to sunset at the end of 2025.  Specifically, it 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.”  Small and individually owned organizations make up 95% of America’s businesses.  The Main Street Tax Act would allow these businesses to continue recovering from the COVID-19 economic shocks, and further grow the US economy into the 21^st century.