Washington, D.C. – Today, House Ways and Means Chairman Kevin Brady (R-TX) released the following statement after the U.S. Department of Treasury and the Internal Revenue Service issued proposed regulations regarding the new 20 percent pass-through business deduction made law as part of the Tax Cuts and Jobs Act:
“I applaud Treasury for working quickly to implement this important provision of our new pro-growth tax code. This first-ever 20 percent deduction for small businesses allows our local job creators to keep more of their money so they can hire, invest, and grow in their communities.
“These proposed regulations are intended to provide certainty and flexibility for Main Street businesses in this historic new small business deduction. We encourage local businesses to comment on these proposed rules as Congress and the Treasury Department work together to maximize the tax relief and the economic growth of America’s new Tax Cuts and Jobs Act.
“Small businesses finally have a tax code that is working for them, and I look forward to continuing our work to ensure our tax code helps all Americans compete and win.”