Southern West Virginia News

Congresswoman Carol Miller of West Virginia has joined forces with Congressman Lloyd Smucker of Pennsylvania and 151 other members of the U.S. House of Representatives to co-sponsor the Main Street Tax Certainty Act. This legislation aims to permanently extend Section 199A of the Internal Revenue Code, which is set to expire at the end of this year. The bill has garnered support from two-thirds of the House Republican Conference and all Republican Members of the Ways and Means Committee, making it the most cosponsored tax bill introduced in this session.

"Small businesses are the backbone of our nation’s economy and should be protected from unnecessary taxes," stated Congresswoman Miller. She emphasized that 98.9% of businesses in West Virginia are small businesses, with more than 30 million across the United States. "By re-introducing the Main Street Tax Certainty Act, we are working to permanently extend Section 199A to protect these businesses from facing a large tax hike at the end of the year."

Congressman Smucker added, "When small businesses thrive, our communities thrive." He highlighted that making Section 199A permanent will provide small businesses with certainty needed for investment in their workforce and operations. "This pro-growth policy will ensure small businesses maintain tax parity with larger corporations."

Ways and Means Chairman Jason Smith also voiced his support: "Small businesses are holding back needed investments because they are worried about paying a 43% tax rate next year." He praised Rep. Smucker's leadership on this issue.

Brad Close, President of the National Federation of Independent Business (NFIB), warned that failure to act would result in a massive tax hike for over 30 million small businesses by year's end. He expressed gratitude for Rep. Smucker's leadership in preventing such an outcome.

Chris Netram from the National Association of Manufacturers emphasized that preserving this deduction is crucial for manufacturers who form a significant part of America's supply chain.

Section 199A was part of the 2017 Tax Cuts and Jobs Act and provides a 20 percent deduction for pass-through business income. A study by Ernst & Young indicated that this section supports approximately 2.6 million jobs and contributes $325 billion to GDP.

The Senate has also seen an introduction of this bill by Sen. Steve Daines from Montana, with backing from two-thirds of Senate Republicans.

The Main Street Tax Certainty Act has received endorsements from over 230 organizations including major industry groups like NFIB, National Association of Manufacturers, Associated Builders and Contractors, American Farm Bureau Federation, and U.S. Chamber of Commerce.