PRINTING United Alliance Urges Congress to Make Tax Relief for Small Businesses Permanent
The introduction of Section 199A under the Tax Cuts and Jobs Act (TCJA) of 2017 provided a pivotal tax benefit to small businesses structured as pass-through entities. By allowing these businesses to deduct up to 20% of their qualified business income (QBI) from individual tax bills, the deduction has fostered economic growth and supported businesses like S-corporations, LLCs, sole proprietorships, and partnerships. However, with the provision set to expire on December 31, 2025, small businesses are bracing for a significant tax hike that threatens their stability and growth.