|
Senator Daines (R-MT) and Representative Smucker (R-PA) have reintroduced legislation which would make the Section 199A 20% deduction for small and family-owned businesses permanent, a priority issue for NLBMDA. The Main Street Tax Certainty Act is backed by 151 cosponsors in the House and 36 cosponsors in the Senate. The legislation has support from the entire Senate majority leadership and the full roster of Republicans on the House Ways & Means Committee.
NLBMDA has been actively engaging with lawmakers and their staff to underscore the importance of passing Section 199A permanence legislation. NLBMDA recently cosigned onto a letter alongside 230 other trade associations expressing support for the legislation’s reintroduction.
The 20% deduction allows LBM dealers to compete, grow their business, and reinvest back into the communities they serve. Last August, Ernest and Young estimated that over 2.6 million jobs are supported by the 199A deduction with $325 billion in added to value to the GDP. As we shared in NLBMDA Weekly, Section 199A deduction permanence discussions have been active on Capitol Hill with many Congressional tax-writers expressing support for the legislation during a recent House Ways & Means Committee hearing.
As Congressional leaders continue to work on drafting its tax bill, NLBMDA will continue to advocate on behalf of the LBM industry to ensure that policies are put forward which enable small businesses to thrive in an increasingly competitive market.
As a reminder, NLBMDA will be hosting its Spring Meeting & Legislative Conference, April 1-2. The meetings will be a great opportunity for LBM dealers to meet with lawmakers directly to share the importance of passing Section 199A permanence legislation.
For questions, contact Matthew Delaney, NLBMDA's Government Affairs Coordinator at mdelaney@dealer.org.
| 
