The NGFA joined 102 other organizations this week to support the so-called “Main Street Tax Certainty Act of 2019” (H.R. 216), which would make permanent the Section 199A 20 percent qualified business income deduction.
Led by Reps. Jason Smith, R-Mo., and Henry Cuellar, D-Texas, in the House and Sen. Steve Daines, R-Mont., in the Senate, the bipartisan legislation would help ensure permanent tax relief for employers organized as S corporations, partnerships and sole proprietorships, as well as preserve Section 199A benefits for cooperatives and their farmer-owners.
“Despite the economic importance of the pass-through sector, the Section 199A deduction is scheduled to sunset at the end of 2025,” according to an April 11 letter to leaders of the Senate Finance Committee and House Ways and Means Committee. “Repealing this sunset will benefit millions of pass-through businesses, leading to higher economic growth and more employment.”
In addition to the NGFA, other organizations that signed the letter include the U.S. Chamber of Commerce, the National Federation of Independent Businesses, and the American Farm Bureau Federation.