TCATA Urges Congress to Make Tax Cuts Permanent
(May, 2019) TCATA recently signed a letter, along with many other business organizations, to urge leaders in the House and Senate to make the 199(A) deduction permanent. The 2017 Tax Cuts and Jobs Act included a 20% income tax deduction for qualifying pass-through businesses, but that pass-through deduction is temporary and will expire at the end of 2025 if Congress does not act.
In the joint letter, we pointed to studies from leading economists that show the positive economic impact these tax cuts have and would continue to have. Legislation has been introduced (The Main Street Tax Certainty Act) in the U.S. Senate and House of Representatives to make the 199(A) deduction permanent.