The Irrigation Association, Fairfax, Virginia, joined the National Association of Wholesalers-Distributors and a cross-section of more than 160 other business groups in asking Congress to make permanent a 20% deduction for small- and individually owned businesses.
The Section 199A deduction, which would benefit businesses such as S-corps and LLCs, was included in the S.2254, the Tax Cuts and Jobs Act of 2017. A bill introduced in the Senate, S.1706, The Main Street Tax Certainty Act, would establish that deduction permanently.
The letter, addressed to Sen. Steve Daines, R-Montana, and Rep. Lloyd Smucker, R-Pennsylvania, provides support for the act, as it would “provide certainty to the millions of S corporations, partnerships and sole proprietorships that rely on the Section 199A deduction to remain competitive both here and overseas.”
Read the full letter online.