ASA Supports the Permanency of Section 199A

ASA, along with the Main Street Partnership, sent a letter to House Congressional Leadership urging them to make permanent Section 199A.  Absent action, millions of Main Street businesses organized as S corporations, partnerships, and sole proprietorships will see their taxes go up sharply next year. Taxes on these pass-through businesses will go up when they earn profits, when they invest, and when they pass their business on to the next generation.

Per the letter, "pass-through businesses are the backbone of the American economy. They account for 95 percent of all businesses and employ 63 percent of all private sector workers. They also form the economic foundation for thousands of communities nationwide. Without them, those communities would face a future of lower growth, fewer jobs, and more boarded-up buildings.” Making the Section 199A deduction permanent, maintaining rates for individuals and pass-through businesses, providing estate tax relief, and increasing business equipment deductions are essential for our members' ongoing success.