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PMSE Statement on Final Treasury Pass-Through Deduction Regulations

Chris Smith, PMSE Executive Director

“A Section 199A deduction that applies broadly to Main Street Employers organized as passthroughs is essential to maintain parity with C corporations and the new 21-percent rate. While the final rules provide some additional clarity, the Treasury chose not to adopt recommendations of the Main Street community on important issues, including aggregation and de minimis rules.”

“The economic response to tax reform has been relatively muted in part because the tax relief targeted at pass-through businesses – who employ the majority of private sector workers — is complicated, limited, and temporary. This was a missed opportunity to simplify and broaden that relief.”

“To maximize tax reform’s impact, 199A should be amended to be broader, simpler, and permanent. We stand ready to work with Congress to provide the tax relief that Main Street employers and workers deserve.”

Whiteboard Video on Challenges Faced by Main Street Businesses

We worked hard to make sure this video articulates the unique challenges confronting Main Street businesses following tax reform. We think it does a great job! We intend to take this message to the Hill and the agencies, joined by our broader coalition of Main Street Employer trade groups.

PMSE Statement on Treasury 199A Regulations

The Parity for Main Street Employers Coalition welcomes Treasury’s guidance applying the new 20% tax deduction to thousands of U.S. businesses organized as pass-throughs—the S-corps, sole proprietorships, and partnerships that comprise 95% of all businesses and who employ the majority of American workers.

Read the full statement by clicking here

PMSE Comment Letter on New York State SALT Fix

The Parity for Main Street Employers coalition–representing more than one hundred national business groups and millions of Main Street employers–strongly supports efforts across the states to restore the ability of employers organized as pass-through businesses to deduct their State and Local income taxes (SALT) on their federal tax returns.

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Main Street Employers on Tax Overhaul

The Parity for Main Street Employers (PMSE) coalition released a new survey highlighting the pass-through business community’s initial reaction to the tax Cuts and Jobs Act (TCJA).  Early results indicate that the tax relief promised to non-corporate employers is in danger absent clear guidance from IRS and Treasury.  Key results include…

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