CONTACT: Marisa Melton, (208) 743 - 1388, marisa.melton@mail.house.gov
Congressman Russ Fulcher Cosponsors Legislation to Support Main Street Businesses
WASHINGTON D.C. – U.S. Congressman Russ Fulcher recently cosponsored Congressman Lloyd Smucker's (PA-11) legislation titled the Main Street Tax Certainty Act.
H.R. 4721 would permanently extend Section 199A of the Internal Revenue Code, slated to expire in 2025. This section, which was adopted as part of the landmark 2017 Tax Cuts and Jobs Act, allows for a 20 percent deduction of qualified income for small businesses organized as sole proprietorships, partnerships, S corporations, trusts, or estates, or income from qualified REIT dividends and income from publicly traded partnerships.
“Main Street businesses drive economic success for many communities across Idaho,” said Congressman Fulcher. “If Section 199A expires, small businesses will be left at a disadvantage when filing taxes, forcing many to close their doors. The Tax Cuts and Jobs Act created this section to promote equality in the American tax code between small businesses and larger corporations and I intend to fight to keep it in place.”
“Small businesses are the engine of America’s economy,” said Congressman Smucker. “The Tax Cuts and Jobs Act, in particular, Section 199A, unleashed a robust economy where small businesses invested in their communities, creating more jobs and business opportunities. Providing permanency to this critical pro-growth tax policy will ensure small businesses continue to have tax parity with corporations and will strengthen main streets across the nation. I thank my colleagues for supporting the Main Street Tax Certainty Act and will continue to fight for its passage.”
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