Big ‘I’ Celebrates Continued Tax Deduction for Many Independent Agents

The Independent Insurance Agents & Brokers of America (Big “I”) on July 4 celebrated the passage of the “One Big Beautiful Bill.”

“The Big ‘I’ would like to thank the U.S. Congress and President Trump for their work to bring more certainty and growth to the economy by passing tax reform,” said Charles Symington, Big “I” president & CEO, in a statement.

“Passage of this reconciliation bill delivers on the promise to protect and make permanent much of the 2017 Tax Cuts and Jobs Act (TCJA) that so many of our members have come to rely on,” he said.

The tax cuts signed into law during President Trump’s first term were set to expire at the end of this year. The TCJA included the Section 199A tax deduction on qualified business income for pass-through entities (sole proprietorships, partnerships, limited liability companies, and S-corporations).

The Big “I” said 86% of independent agencies are structured as pass-through entities.

“We would like to thank the president and congressional leaders for making the 20% small business deduction for pass-through entities permanent,” Symington continued.

“That certainty, along with the existing low corporate rate, will allow our members to continue investing in jobs across Main Street America and better serve their customers and communities,” Symington added.