WASHINGTON – U.S. Rep. Ashley Hinson, R-Iowa, announced she is co-sponsoring three pieces of legislation that will give small businesses certainty and help families save money.
Those bills are the Main Street Tax Certainty Act, the Emergency Savings Account Act, and the Small Business Emergency Savings Account Act. Hinson says these bills will help both small businesses and families recover from the financial toll of the pandemic.
“Iowa’s families and small businesses have faced unprecedented challenges this year, and need common-sense solutions that will help them recover and rebound financially,” Hinson said in a released statement.
“Making small business tax relief permanent will give main street shops the certainty they need to keep their doors open, hire more employees, and come out stronger on the other side of this pandemic. Additionally, we have to make it easier on families to save more of their hard-earned dollars right now and help alleviate stress from income loss and other unforeseen circumstances,” she added. “I will continue to support common-sense policies that will jumpstart our economic recovery and get our country back on the right track.”
The Main Street Tax Certainty Act makes the 20 percent pass-through small business tax deduction enacted in the Tax Cuts and Jobs Act permanent.
The Emergency Savings Account Act provides individual taxpayers with the ability to save up to $5,000 per year by making tax-free contributions to an emergency savings account. A married couple would be able to save up to $10,000.
The Small Business Emergency Savings Account Act provides small businesses with the ability to save up to 25 percent of their payroll expenses tax-free in an emergency savings account.