Congress Urged To Make Pass-Through Deduction Permanent

Congress should prioritize legislation that would make permanent the 2017 federal tax overhaul's deduction on pass-through income, the U.S. Chamber of Commerce said in a letter arguing that the bill would help businesses recover from the novel coronavirus pandemic.

The bill, the Main Street Tax Certainty Act, which has been introduced in both the Senate and U.S. House of Representatives, would help provide stability to small businesses that have suffered from the economic fallout of the pandemic, the business group said in a letter to Congress sent Monday. The legislation would make permanent the 20% pass-through deduction under Internal Revenue Code Section 199A , a provision of the Tax Cuts and Jobs Act  that is set to last through 2025.

--Editing by Vincent Sherry.

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