Two PIA-Supported Bills Reintroduced in the 119th Congress

WASHINGTON- The National Association of Professional Insurance Agents (PIA) is pleased by the reintroduction of two important bills in the 119^th Congress. The Main Street Tax Certainty Act (H.R. 703/ S.1149), sponsored by Rep. Lloyd Smucker (R-PA) and Senator Steve Daines (R-MT) would make permanent the 20% tax deduction available to some S Corporations, known as passthroughs. Without Congressional action, the tax deduction will expire at the end of 2025.

“Congress must act to make permanent the passthrough tax deduction and protect the millions of small businesses, including independent insurance agencies, who have been able expand their business, create jobs, and strengthen their local economy thanks to the deduction,” said PIA CEO Mike Skiados. “PIA urges Congress to pass the Main Street Tax Certainty Act, and thanks Sen. Daines and Rep. Smucker for their strong leadership as a champion for small businesses.”

The Federal Insurance Office Elimination Act (H.R. 643) was also reintroduced in the House of Representatives by Rep. Troy Downing (R-MT) with PIA’s strong support. The Federal Insurance Office Elimination Act will protect the successful state insurance regulatory system by repealing the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The proper place for the regulation of insurance is at the state level and the state regulation of insurance has served the insurance industry and consumers well for over one hundred years.

“The Federal Insurance Office Elimination Act will protect the successful state insurance regulatory system by repealing the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act,” said Skiados. “The proper place for the regulation of insurance is at the state level, which has served the insurance industry and consumers well for over a century and is better positioned to protect consumers in the future. PIA thanks Rep. Troy Downing for his leadership in protecting the state insurance regulatory system,” Skiados said.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes and businesses. PIA’s web address www.pianational.org