Advocating for permanent tax relief for S corps, partnerships and sole proprietorships
NAFEM has joined more than 30 associations in advocating for the Main Street Tax Certainty Act of 2019 that would make permanent the Section 199A 20 percent qualified business income deduction. Led by representatives Jason Smith (R-MO) and Henry Cuellar (D-TX), the legislation will provide the lower tax rate of C corporations to companies organized as S corporations, partnerships and sole proprietorships. Currently, the Section 199A deduction is scheduled to sunset at the end of 2025. The National Federation of Independent Business developed an informative infographic on the positive impact extending the Act will have on small businesses.