| |

Pass-Through Tax Deduction Set to Expire in 2025

[et_pb_section fb_built=”1″ _builder_version=”4.5.5″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.5.5″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]

From Main Street to the Forests, Tax Certainty is Essential

FLA is urging Congress to make permanent the Section 199A 20-percent deduction for pass-through businesses permanent by passing the Main Street Tax Certainty Act. For forestry businesses setup as pass-through businesses, such as S-corporations, LLC, partnerships, or sole-proprietorships, the 20 percent deduction is a necessary tool to remain competitive with the corporate tax rate. This deduction was passed as part of the Tax Cuts and Jobs Act in 2017 and is set to expire at the end of 2025.

Led by Representatives Jason Smith (MO) and Henry Cuellar (TX) in the House, and Senators Steve Daines (MT), Bill Cassidy (LA), Tim Scott (SC), and Rob Portman (OH) in the Senate, the Main Street Tax Certainty Act (H.R. 1381 and S.480) will help ensure permanent tax parity for the millions of employers organized as S corporations, partnerships and sole proprietorships. Individually- and family-owned businesses are the backbone of the American economy – they employ the majority of private-sector workers and represent 95 percent of all businesses. Despite the economic importance of the pass-through sector, however, Section 199A is scheduled to sunset at the end of 2025.

FLA supports permanency of the 20 percent deduction and is actively monitoring any tax legislation that could impact future tax bills of timber owners. The sooner Congress acts to make Section 199A permanent, the sooner Main Street and forestry related businesses  – will benefit. Read the letter sent to Congress
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

Similar Posts
| |

FLA Response to The Wall Street Journal article, “Lumber Prices are Soaring. Why are Tree Growers Miserable?”

ByAmy Palmer

[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.5.5″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″] A recent article published in the Wall Street Journal was a great example of how FLA is working to ensure the right narrative is being told about forest landowners managing their land for the nation’s domestic timber supply and…

| |

FLA Launches Legal Challenge of Critical Habitat Designation for Black Pinesnake

ByAmy Palmer

On February 26, 2021, the Forest Landowners Association (FLA), filed a lawsuit in the U.S. District Court for the Southern District of Alabama challenging the U.S. Fish and Wildlife Service’s designation of critical habitat for the black pinesnake (Pituophis melanoleucus). The lawsuit alleges that the Service designated areas of critical habitat based on insufficient scientific…
| |

FLA Opposes Proposed Definition Changes of Non-Industrial Private Forests

ByAmy Palmer

The U.S. Forest Service (USFS) and Natural Resources Conservation Service (NRCS) have proposed to change the definition of industrial and non-industrial private forest (NIPF) landowners based on private forest landowners managing forests for timber income or with forest acreage above 45,000 acres. Changes to the guidance for identifying NIPF or to the definition of NIPF…
| | |

Forest Incentives Program Act

ByAmy Palmer

[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] On March 26, 2021 U.S. Senators Jeanne Shaheen (D-NH) and Shelley Moore Capito (R-WV ) reintroduced the Forest Incentives Program Act. The Forest Landowners Association endorsed this bill and released the following statement. “The Forest Landowners Association…
| |

FLA Statement on the Trillion Trees Act

ByKatie Moss

[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.5.5″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″] Washington, D.C. – Representing private forest landowners who plant, grow, and harvest the vast majority of the wood and fiber that flows into domestic supply chains, the Forest Landowners Association (FLA) issued the following statement from CEO Scott Jones…
|

On Earth Day, Fix Tax Code To Encourage Reforestation Following Natural Disasters

ByAmy Palmer

[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] As America celebrates Earth Day and Congress looks to trees as a solution to climate change, we are urging lawmakers to revise a provision in the IRS tax code on timber losses caused by natural disasters. The…