On July 4th, President Donald Trump signed into law key PIA policy priorities, delivering a significant victory for independent insurance agents. The 20% qualified business income (QBI) passthrough tax deduction, which was set to expire at the end of 2025, was made permanent by the enacted legislation. The countless PIA members who have benefited from …
Tag: tax
Take Action: PIA Urges Senate Passage of Policy Priorities
As the Senate prepares to take up the “One, Big, Beautiful Bill” this week, PIA urges the passage of key policy priorities that will empower agents and provide for a stronger, safer insurance market for consumers. Included in the legislation are provisions making permanent the 20% qualified business income (QBI) passthrough tax deduction presently available …
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PIA Victory: House Passes PIA Policy Priorities
On May 22, the U.S. House of Representatives voted to pass its budget reconciliation bill, including key PIA policy priorities. The bill narrowly passed in a 215-214 vote and will now head to the Senate, where further negotiations are expected before sending a final product to the President's desk. Included in the legislation are provisions …
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PIA Urges House Passage of Policy Priorities
On May 20, the National Association of Professional Insurance Agents (PIA), along with other small business advocates, sent a letter in strong support of the reconciliation bill presently before the House of Representatives. On Sunday night, the House Budget Committee voted to advance the legislation, sending it to the Rules Committee for final approval there, …
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PIA Policy Priorities Advance in Reconciliation Process: Take Action Now!
This week, two PIA policy priorities cleared major hurdles in the ongoing budget reconciliation process. Two House committees--Ways and Means and Agriculture--each passed their portions of the massive House reconciliation package along party lines. Both bills will now head to the Budget Committee in preparation for full House consideration. Included in the House Ways & …
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PIA-Backed Main Street Tax Certainty Act Reintroduced in House
On July 18, Congressman Lloyd Smucker (R-PA) introduced H.R. 4721, the “Main Street Tax Certainty Act of 2023,” which would make permanent the 20 percent tax deduction currently available to some passthrough entities. PIA strongly supports this legislation, and in advance of its introduction joined a coalition of business groups in a letter of support …
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PIA-Backed Main Street Tax Certainty Act Reintroduced in Senate
On May 18, Senator Steve Daines (R-MT) reintroduced the “Main Street Tax Certainty Act of 2023,” a bill that would make permanent the current 20 percent tax deduction available to some passthrough entities. PIA strongly supports this legislation and joined a coalition of business groups in a letter of support for the bill. PIA's support for the bill was noted …
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PIA Opposes Tax Hikes in Admin. Budget Request
PIA joined the business community in a letter to oppose raising taxes on individually- and family-owned businesses as proposed in the Biden Administration’s Fiscal Year 2024 (FY24) Budget Request. The budget request is released every year by each administration and amounts to a wish list of what that administrations’ funding priorities are for the year. …
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PIA, Business Groups, Oppose Proposed Small Business Tax Hikes
PIA, along with over 190 business groups, wrote to congressional leadership this week to oppose proposed tax hikes on small business owners as part of the newest effort to pass a reconciliation bill this Congress. This renewed effort follows a failed effort in 2021 to pass a more sweeping reconciliation measure. To pay for the …
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PIA Michigan Advocates for 2022 Priorities
This week, members of the PIA of Michigan met with the offices of their congressional delegation as part of PIA’s 2022 series of year-round, state-specific advocacy events. In their meetings, the PIA of Michigan members drew lawmakers’ attention to several of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry …