- We Support of efforts to clarify that the tax relief extended to American businesses was also intended for insurance producers and intermediaries organized as pass-through entities.
- Ask your representatives to please reach out to the U.S. Treasury Department and ask them to clarify that firms engaged in the business of insurance should be entitled to the pass-through relief of the Tax Cuts and Jobs Act.
- The legislation left room for regulatory interpretation as to whether or not insurance producers and intermediaries organized as pass-through entities would be able to claim the tax relief afforded to other pass-through entities.
- We firmly believe that extending tax relief to the insurance producer community was the intention of this Congress.
- The legislation as written puts my company directly in the middle of a very gray zone when it comes to identifying our eligibility for the tax relief.IRC section 199a states that service industry pass-through entities engaged in “brokerage services” are excluded from the tax relief for pass-through entities, while the same section also states that companies engaged in “the business of insurance” are in fact eligible for the relief.
- Dialing in on the definitions for “business of insurance” and “brokerage services,” it becomes clear that insurance producers and intermediaries are in fact engaged in the legal definition of the business of insurance.
To see the original webinar or download the slides, please click here.
Contact the Conferees Online
|House GOP Conferees||Senate GOP Conferees|
|Rob Bishop (R-UT-01)||John Cornyn (R-TX)|