- Insurance News
- Election may determine fate of tax break important to small brokerages
“The tax cut was like putting gas on the fire in terms of wanting to grow”
The election could help determine the fate of a tax break for small businesses that benefits many insurance brokerages, giving brokers an economic stake in the result of the vote.
The 2017 Tax Cut and Jobs Act implemented a 20% tax deduction for owners of companies who pay their business taxes through their personal tax returns. The tax break is one of several provisions of the law that is set to expire at the end of 2025.
The tax break for so-called pass-through businesses joins a litany of other sunsetting tax policies from the 2017 law – such as low