Independent insurance agents and US brokers celebrated a “important victory” for independent agents with the approval of a clean tax bill this week by the House of Representatives.
The Trade Association is known as the major “I”, saying that the so -called “big beautiful bill” of tax reforms makes the tax deduction and job act (TCJA) permanent.
During President Trump’s first term, the tax deductions signed in the law ended at the end of 2025. These include a deduction, referred to as a deduction of Section 199A, on the entities through the pass (single property, partnerships, limited responsibility companies, and SC corporations). Big “I” said 86 % of independent agencies have been formed as qualified passers -by.
The latest bill increased the deduction from 20 % to 23 %, reporting large “I”.
“This critical legislation is based on the success of the TCJA, which supports Main Street America, communities, businesses and individuals who are the backbone of our country,” said Charles Samington, president and CEO of the big “I”. “We are particularly grateful that this legislation secures and strengthens the 199A deduction, which many independent agencies have relied on to serve their communities.”
The bill also makes individual tax rates permanent, while amending the inflation adjustment procedure for various brackets. The big “I” explained that the bill does not make changes to the corporate rate.
The move now moves to the Senate.
The big “I” said that he praised the Speaker of the House Republican leadership, the House Republican leadership, and the Wes and Men’s Chairman Jason Smith (R Missouri) to work on his work in advancing the legislation.
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