Members share feedback on COVID-19 recovery priorities
In a recent survey, NAFEM members provided feedback on what they would like to see in the next COVID-19 relief package currently working its way through Congress. Tax deductions were top of mind. About 50 percent of respondents were in favor of:
- Expanding the Qualified Business Income Deduction (199A) and making it permanent;
- Restoring business deductions to the pre-Tax Cuts and Jobs Act levels to free up cash needed for economic recovery; and
- Eliminating the cap on state and local tax deductions.
Most members who responded also were in favor of:
- Making capital gains (409A) inapplicable to small businesses;
- Simplifying the 401(k) requirements so small businesses can administer their own plans and reduce fees to professional advisers; and
- Allowing interest to be deducted over the $750,000 mortgage balance limit and increase the $1 million mortgage limit to $1.5 million.
As it pertains directly to COVID-19 recovery efforts, the respondents want federal protection from COVID-19-related lawsuits and increased infrastructure funding.
This feedback is important as NAFEM continues to develop advocacy approaches that address members’ needs.