Rep. Lloyd Smucker
U.S. Rep. Lloyd Smucker (R-PA) recently led more than 90 of his colleagues in introducing a bipartisan bill that would make the qualified business income deduction permanent under federal law.
Specifically, the Main Street Tax Certainty Act, H.R. 4721, which Rep. Smucker sponsored on July 18 alongside 91 original cosponsors, including lead original cosponsor U.S. Rep. Henry Cuellar (D-TX), would permanently extend Section 199A of the Internal Revenue Code. The section is slated to expire in 2025.
“I thank my colleagues for supporting the Main Street Tax Certainty Act and will continue to fight for its passage,” Rep. Smucker said.
Section 199A, which was adopted as part of the landmark 2017 Tax Cuts and Jobs Act, allows for a 20 percent deduction of qualified income for pass-through businesses, according to a bill summary provided by the congressman’s office.
“Small businesses are the engine of America’s economy,” said Rep. Smucker. “The Tax Cuts and Jobs Act, in particular Section 199A, unleashed a robust economy where small businesses invested in their communities, creating more jobs and business opportunities. Providing permanency to this critical pro-growth tax policy will ensure small businesses continue to have tax parity with corporations and will strengthen main streets across the nation.”
The S Corporation Association, the NFIB, and the National Association of Manufacturers support the bill.
H.R. 4721 is the companion bill to the same-named S. 1706, introduced in May by U.S. Sen. Steve Daines (R-MT) and 14 Republican original cosponsors, including U.S. Sens. Bill Cassidy (R-LA), Marsha Blackburn (R-TN), Thom Tillis (R-NC), and Roger Wicker (R-MS). The Senate version is under consideration in the U.S. Senate Finance Committee.