Peace Garden News

BISMARCK—U.S. Senator Kevin Cramer (R-ND) cosponsored Senator Steve Daines’ (R-MT) Main Street Tax Certainty Act which would support small businesses in North Dakota, create jobs, and strengthen our economy by making a temporary 20% pass-through business tax deduction permanent.

“Small businesses are essential in North Dakota’s rural communities and are the backbone of our economy,” said Senator Cramer. “Our bill helps employers succeed by making this deduction permanent and building on the Tax Cuts and Jobs Act to extend tax-relief for small businesses.”

“Montana small businesses are the heartbeat of our Montana communities, and providing them much-needed tax relief will help our economy flourish,” said Senator Daines. “Making this tax deduction permanent will help Montana small businesses thrive, create jobs and expand their operations.”

Supporting stakeholders include the Society of Collision Repair Specialists (SCRS), the National Association of Manufacturing, the S Corporation Association, the National Federation of Independent Business (NFIB), the American Farm Bureau Federation, and the National Association of Professional Insurance Agents (PIA), among others.

Joining Senators Cramer and Daines are Senators John Barrasso (R-WY), Bill Hagerty (R-TN), Marsha Blackburn (R-TN), Jim Risch (R-ID), Bill Cassidy (R-LA), Roger Marshall (R-KS), Katie Britt (R-AL), Mike Braun (R-IN), Chuck Grassley (R-IA), Tim Scott (R-SC), Ted Cruz (R-TX), and Roger Wicker (R-MS).

Click here for bill text.

Background:

The 2017 Tax Cuts and Jobs Act created Section 199A of the Internal Revenue Code which allowed pass-through businesses to deduct up to 20% of qualifying income. The temporary tax deduction is set to expire at the end of 2025 if congressional action is not taken.

Original source can be found here.