Sen. Britt, colleagues introduce bill to extend modest enterprise tax relief
U.S. Senator Katie Britt, R-Ala., joined U.S. Senator Steve Daines, R-Mont., and a group of 12 Republican colleagues to introduce the Primary Street Tax Certainty Act, which will make the pass-via enterprise tax deduction for modest enterprises permanent.
Initially passed as element of the Tax Cuts and Jobs Act in 2017, this deduction makes it possible for pass-via enterprises, entities modest adequate not to qualify for the corporate revenue tax, to deduct up to 20 % of qualifying revenue. Pass-via enterprises represent 98 % of all American enterprises and employ almost half of the country’s workforce. The existing deduction is set to expire in 2025, which would correctly equate to a considerable tax hike on the nation’s modest enterprises.
“Small enterprises are nevertheless desperately attempting to survive amid persistently higher inflation and the Biden Administration’s insistence on imposing its reckless tax-and-devote agenda on hardworking Americans,” mentioned Senator Katie Britt. “The final factor modest enterprises can afford proper now is a huge tax hike looming more than them. To make certain that each Alabamian has the chance to reside the American Dream, we have to slash the burdens on modest enterprises, from entrepreneurs just beginning out to the established, loved ones-owned shops on neighborhood Primary Streets across our excellent state and nation. I will continue to fight tirelessly for Alabama modest enterprises and the households they assistance.”
In addition to Senators Britt and Daines, this legislation is co-sponsored by Senate Republican Conference Chair John Barrasso , R-Wyo., and U.S. Senators Marsha Blackburn, R-Tenn., Jim Risch, R-Idaho, Bill Cassidy, R-La., Roger Marshall, R-Kans., Mike Braun, R-Ind., Bill Hagerty, R-Tenn., Chuck Grassley, R-Iowa, Tim Scott, R-S.C., Ted Cruz, R-Texas, Roger Wicker, R-Miss., and Kevin Cramer, R-N.D.
This legislation is supported by far more than 130 stakeholder groups, which includes the National Association of Producers, National Federation of Independent Enterprise (NFIB), the American Farm Bureau Federation, and the Independent Neighborhood Bankers Association of America.
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