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GCCA joined 82 other business groups in sending a letter to Senate Finance and House Ways and Means Committee leadership expressing support in making the 20-percent pass-through deduction (199A) permanent, which was a key provision in the Tax Cuts and Jobs Act in 2017 and is set to expire at the end of 2025. Representatives Jason Smith (MO) and Henry Cuellar (TX) in the House, and Senators Steve Daines (MT), Bill Cassidy (LA), Tim Scott (SC), and Rob Portman (OH) in the Senate have introduced the Main Street Tax Certainty Act of 2021, which will prevent this tax hike on family businesses. It would also provide certainty to tens of thousands of businesses who have been hit hardest by the COVID-19 pandemic.
Read our letter HERE.