On July 18, Rep. Lloyd Smucker, R-Pa., introduced the Main Street Tax Certainty Act, H.R. 4721, legislation which would make permanent the current 20% deduction for small and family-owned businesses, provided through Section 199A of the Tax Cuts and Jobs Act of 2017. This bipartisan proposal is co-sponsored by 99 U.S. representatives, including two Democrats, and has the support of all Republican members of the U.S. House Ways and Means Committee.
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ABC has prepared a summary of Biden administration regulatory actions of interest to ABC members by agency.
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