On January 23, two bills backed by PIA were reintroduced in the 119th Congress. The Main Street Tax Certainty Act (H.R. 703/ S.1149), sponsored by Rep. Lloyd Smucker (R-PA) and Senator Steve Daines (R-MT), would make permanent the 20% tax deduction available to some S Corporations, known as passthroughs. Without Congressional action, this important tax deduction will expire at the end of 2025.
The Federal Insurance Office Elimination Act (H.R. 643) was also reintroduced in the House of Representatives by Rep. Troy Downing (R-MT) with PIA’s strong support. The Federal Insurance Office Elimination Act will protect the successful state insurance regulatory system by repealing the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The proper place for the regulation of insurance is at the state level and the state regulation of insurance has served the insurance industry and consumers well for over one hundred years.
PIA strongly supports both the Main Street Tax Certainty Act and the Federal Insurance Office Elimination Act and will continue to urge their passage in both chambers. See PIA’s press release on the introduction of the bills here.