OABA Signs Letter of Support for Main Street Tax Certainty Act of 2023
The Ohio AgriBusiness Association recently signed a letter of support for the Main Street Tax Certainty Act of 2023 to make permanent the 20-percent deduction for small- and individually-owned businesses (Section 199A), providing certainty to the millions of S corporations, partnerships and sole proprietorships that rely on the Section 199A deduction to remain competitive both here and overseas.
Section 199A is scheduled to sunset at the end of 2025, even as the businesses it supports continue to recover from the COVID-19 pandemic and the price hikes, labor shortages, and supply chain disruptions that followed. Making the Section 199A deduction permanent will help Main Street during this very difficult time, leading to higher economic growth and more employment. Separate studies by economists Barro and Furman, the American Action Forum, and DeBacker and Kasher found that making the pass-through deduction permanent would result in significantly improved parity and lower rates for Main Street businesses.