U.S. Rep. Lloyd Smucker (R-Lancaster), House Committee on Ways and Means member, recently hosted a roundtable in southern York County to discuss tax policies impacting small businesses in Pennsylvania’s 11th District.
The Ways and Means Committee’s Main Street Tax Team, led by Smucker, is examining parts of the 2017 Tax Cuts and Jobs Act, including Section 199A of the Tax Code and policies that improve small business access to capital.
Section 199A allows for a 20 percent deduction of qualified business income for pass-through entities, creating tax parity between small businesses organized as pass-through entities and corporations. It expires in 2025.
Smucker introduced the Main Street Tax Certainty Act, which would permanently extend Section 199A. The legislation is supported by more than 160 organizations.
“When small businesses thrive on Main Street, our communities thrive. Ensuring tax parity between corporations and small businesses is critical to unleashing the American economy,” Smucker said. “I want to thank each of our witnesses for sharing their stories about how they would be negatively impacted by the expiration of Section 199A, which has helped small businesses grow, create jobs, and invest in their communities.”
U.S. Rep. Mike Kelly (R-Erie) co-hosted, and representatives from small businesses located in York and Lancaster counties testified.