Members of the Main Street Employers Coalition today joined Congresswoman Beth Van Duyne to discuss the critical role the Tax Cuts and Jobs Act (TCJA) and its Section 199A Main Street business deduction have played in driving investment and supporting job creation. It was the fifth event (see here, here, here, and here) we’ve helped organize under the Ways & Means tax teams banner, an effort initiated by committee Chairman Jason Smith aimed at soliciting feedback from businesses affected by the looming fiscal cliff.
The event kicked off with a tour of Republic National Distributing Company’s (RNDC) expansive warehouse, showcasing how the company has continued to grow and contribute to the community, thanks in part to the tax reform provisions. Participants then convened for an in-depth roundtable discussion centered on how Section 199A has enabled them to reinvest in their businesses.
The attendees were emblematic of the broader Main Street community nationwide and represented a wide array of sizes and industries. On hand were roofers, electrical contractors, property managers, a theater establishment owner, and others. It confirms what we’ve said many times before: private companies are the heart of local economies nationwide.
One participant highlighted how the Section 199A deduction allowed them to expand operations, creating jobs and boosting local economic activity. Another noted that the additional resources freed up by the deduction were directed toward pay increases and contributions to local charities, underscoring the tangible benefits of the policy for both businesses and their surrounding communities.
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The conversation also turned to the consequences of allowing the tax provision to expire. Business owners expressed concern that without the Section 199A deduction, the increased tax burden would stifle growth, limit their ability to hire, and reduce contributions to their communities.
Congresswoman Van Duyne emphasized her commitment to preserving the Main Street business deduction, noting its importance to the Texas economy and small businesses nationwide. She reaffirmed her support for policies that empower local businesses, maintain job growth, and strengthen the broader economic landscape.
The roundtable concluded with a call to action for lawmakers to extend the Section 199A deduction, ensuring that Main Street businesses can continue to thrive and contribute to the communities they serve. S-Corp thanks the Congresswoman – an original cosponsor of our 199A permanence bill – for hosting this event and we look forward to continuing to work with her to see this important legislation enacted.