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You are here: Home / News / Main Street Tax Certainty Act Introduced in U.S. House Seeks to Preserve Pass-Through Business Deductions

Main Street Tax Certainty Act Introduced in U.S. House Seeks to Preserve Pass-Through Business Deductions

July 28, 2023 By CollisionWeek Editor

U.S. Congressman Lloyd Smucker (PA-11) introduced the Main Street Tax Certainty Act, H.R. 4721, legislation which would permanently extend Section 199A of the Internal Revenue Code, which is slated to expire in 2025. Smucker’s legislation is cosponsored by 92 Members and is supported by all Republican Members of the Ways & Means Committee.

Section 199A, which was adopted as part of the 2017 Tax Cuts and Jobs Act, allows for a 20 percent deduction of qualified income for pass-through businesses. Most small business are structured as a pass-through and this section was included in the Tax Cuts and Jobs Act

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Filed Under: News Tagged With: Automotive Service Association, legislation, National Automobile Dealers Association, Society of Collision Repair Specialists, Specialty Equipment Market Association, Tax, U.S. House of Representatives

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