WASHINGTON, D.C.—This summer, U.S. Rep. Randy Feenstra (R-Hull) helped introduce the Main Street Tax Certainty Act, which would permanently allow Iowa small businesses to deduct 20% of their qualified business income from their federal taxes. Feenstra is an original cosponsor.
“When I was selected to serve on the House Ways and Means Committee, I promised that I would support policies that help our main street businesses keep their doors open and turn a profit. As we know in rural Iowa, our communities are only as strong as our main streets, and we must do everything that we can to keep them vibrant,” said Rep. Feenstra. “I’m proud to help introduce the Main Street Tax Certainty Act so that our small businesses can benefit – uninterrupted – from the 20% qualified business income deduction well beyond the current 2025 expiration. This tax cut allows business owners to invest in their employees, finance expansions, and weather economic downturns. By permanently keeping taxes low for our business community, we can grow our economy, support our families, and keep our rural communities strong.”
More specifically, the Main Street Tax Certainty Act would reauthorize Section 199A of the Tax Cuts and Jobs Act of 2017, which is set to expire in 2025.
This Congress, Feenstra has also helped introduce legislation to make immediate research and development expensing permanent, make the enhanced standard deduction for Iowa families permanent, allow immediate expensing for equipment and other business purchases, and make the Tax Cuts and Jobs Act of 2017 permanent.
(contributed press release)
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