{"id":9812,"date":"2024-09-06T10:53:07","date_gmt":"2024-09-06T14:53:07","guid":{"rendered":"https:\/\/www.greaterlouisville.com\/?p=9812"},"modified":"2024-09-06T10:53:07","modified_gmt":"2024-09-06T14:53:07","slug":"the-future-of-small-business-taxation","status":"publish","type":"post","link":"https:\/\/www.greaterlouisville.com\/advocacy-and-legislation\/the-future-of-small-business-taxation\/","title":{"rendered":"The Future of Small Business Taxation"},"content":{"rendered":"<p>Important federal legislation that positively impacts Greater Louisville businesses is set to expire without further Congressional action. Most of the 2017 Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025, which included many provisions benefiting businesses of all sizes specifically the 20% pass-through deduction for small businesses. This deduction was designed to ensure that pass-through businesses like sole proprietorships, partnerships, and S corporations (i.e., the overwhelming majority of small businesses) are not at a tax disadvantage relative to larger C corporations.<\/p>\n<p>In\u00a0Kentucky and the Greater Louisville region the positive impact of the 20% pass-through deduction has been significant:<\/p>\n<ul>\n<li>Kentucky pass-through businesses employ 48.31%\u00a0of all private-sector, for-profit workforce.<\/li>\n<li>47,790 taxpayers in the Louisville region claimed the tax credit in 2020<\/li>\n<li>The deduction has provided a\u00a0$1,486,679,000\u00a0collective tax benefit to\u00a0Kentucky, and $316,618,000 for Greater Louisville pass-through businesses.<\/li>\n<\/ul>\n<p>Many GLI investors have undoubtedly benefited from this deduction.\u00a0 However, without congressional action, it will expire along with many of the other important deductions in the TCJA at the end of next year.\u00a0\u00a0GLI supports the passage of a permanent tax deduction for pass-through businesses, known as the \u201c<a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/4721\" class=\"external\" target=\"_blank\">Main Street Certainty Act<\/a>\u201d, and has signed letters of support through the US Chamber of Commerce expressing this stance. For more information on this important piece of legislation, <a href=\"https:\/\/www.uschamber.com\/taxes\/impact-of-the-20-percent-pass-through-deduction?state=\" class=\"external\" target=\"_blank\">see here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Important federal legislation that positively impacts Greater Louisville businesses is set to expire without further Congressional action. Most of the 2017 Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025, which included many provisions benefiting businesses of all sizes specifically the 20% pass-through deduction for small&#8230;<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[247],"tags":[],"class_list":["post-9812","post","type-post","status-publish","format-standard","hentry","category-advocacy-and-legislation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Future of Small Business Taxation &ndash; One Louisville<\/title>\n<meta name=\"description\" content=\"Important federal legislation that positively impacts Greater Louisville businesses is set to expire without further Congressional action. Most of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greaterlouisville.com\/advocacy-and-legislation\/the-future-of-small-business-taxation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Future of Small Business Taxation &ndash; One Louisville\" \/>\n<meta property=\"og:description\" content=\"Important federal legislation that positively impacts Greater Louisville businesses is set to expire without further Congressional action. 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