On Jan. 18, the Treasury Department and the Internal Revenue Service and implementing the new qualified business income deduction (also known as the section 199A deduction). The new 20 percent deduction for pass-through entities was created by the . 

According to an , the deduction is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file this year. For more information, read . 

ÀÏÅ£Ó°ÊÓ through the Parity for Main Street Employers coalition stating that while the final rules provide some additional clarity, section 199A should be amended to be broader, simpler and permanent in order to maximize tax reform’s impact.

ÀÏÅ£Ó°ÊÓsubmitted comments when the regulations were first proposed calling the new deduction for qualified business income the most important provision in the TCJA for ÀÏÅ£Ó°ÊÓmembers, as the overwhelming majority of construction businesses are organized as pass-through entities. Therefore, it is crucial that Treasury and IRS get these rules right and allow this deduction to apply simply and fairly to the Main Street employers Congress intended the provision to benefit.