PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBE Council Responds to IRS Proposed Rule on 20% Small Business Tax Deduction

By at 8 August, 2018, 4:09 pm

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Today, the Internal Revenue Service (IRS) issued proposed regulations on the new 20 percent small business “pass-through” deduction (Section 199A) included within the “Tax Cuts and Jobs Act.” Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan welcomed the proposal:

“We look forward to commenting and providing feedback on the proposal to ensure that our small business sector receives the tax relief intended by Congress. Small businesses are already benefitting from the Tax Cuts and Jobs Act, and providing certainty and clarity with regard to the 20 percent deduction will allow entrepreneurs to take full advantage of opportunities in the growing economy. It is very positive that the proposed regulation allows small business owners to aggregate their business entities for the deduction. Treating small business equitably is an important feature in making sure our tax system functions efficiently and fairly for businesses of all sizes. With that in mind, making the tax deduction permanent and reducing complexity are also very important to the health of America’s small business sector.”

SBE Council will provide comments on the proposed regulation, and the group will also continue to work with Congressional leaders on “Tax Cuts 2.0” to further improve our nation’s tax system for small businesses, and entrepreneurship across the United States.

Read the IRS proposed regulations here.

CONTACT:  Karen Kerrigan

kkerrigan@sbecouncil.org  

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil 

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