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On June 22, ICSC joined over 100 trade organizations to voice “strong opposition to any reductions or repeal of the 20% deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds.”
The letter was sent in response to recent reports that Senate Finance Chairman Ron Wyden (D-OR) plans to introduce legislation that would limit the deduction for certain taxpayers.
The 20% pass-through deduction was included in the Tax Cuts and Jobs Act (TCJA) to provide greater tax parity for income earned by a pass-through business – which can be taxed as high as 37% – with that earned by corporations, which is taxed at 21%. Without it, individually- and family-owned businesses would pay significantly higher taxes.
While President Joe Biden suggested limiting the 199A deduction on the campaign trail, the proposal was dropped from his budget released this May.
The deduction is set to expire at the end of 2025. ICSC supports the Main Street Tax Certainty Act (S. 480/H.R. 1381), introduced by Sen. Steve Daines (R-MT) and Rep. Jason Smith (R-MO) to make the deduction permanent.