The president and CEO of the American Institute of CPAs, Mark Koziel, CPA, CGMA, has released a statement following the release of the text of the U.S. Senate’s reconciliation bill:
“We applaud the commitment of Members of Congress and the Administration to ensure that the budget reconciliation bill continues to preserve parity between C corporations and pass-through entities so that all businesses can continue to grow the economy and invest in their communities. Earlier versions of the legislation increased tax burdens for pass-through businesses across the country by imposing new limits on their ability to deduct state and local taxes. We are incredibly grateful to the Senate Finance Committee and members of the Senate and the House for their diligent work to reject new tax increases on pass-through entities and support the business community.
“As the reconciliation process continues, we urge members of the Senate and the House of Representatives to adopt the Senate’s position regarding pass-through entities and support the removal of new limitations of the SALT deduction.
“As has been expressed by many of our partners in state CPA societies and other professional service businesses, imposing a new limit on the deduction of state and local taxes for pass-through businesses creates unnecessary complexity and disparity in the tax code and is harmful to millions of businesses nationwide. We are appreciative that so many members of the House and Senate have recognized this and encourage Congress continue supporting businesses and local economies”
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The American Institute of CPAs is the world’s largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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Tags: Accounting, AI CPA, Legislation, pass-through, Senate
