Wine & Spirits Wholesalers of America Inc.

08/22/2024 | Press release | Distributed by Public on 08/22/2024 13:41

NC Business Leaders Gather to Discuss Tax Relief at Roundtable with Congressman Greg Murphy

Aug 22, 2024
GREENVILLE, N.C.
Business Leaders Emphasize Urgency of Extending Key Tax Deduction to Support Small and Family-Owned Businesses

GREENVILLE, N.C., August 22, 2024 - Business leaders from across North Carolina convened today for a pivotal discussion on the future of the 199A Qualified Business Income Deduction at a Tax Roundtable hosted by East Carolina University's Isley Innovation Hub. The event, moderated by Wine & Spirits Wholesalers of America (WSWA) Senior Director of Federal Affairs Dwayne Carson, featured prominent figures from a range of industries operating as pass-through entities. Congressman Greg Murphy (R-NC-03) also participated in the discussion.

The 199A deduction, which allows many small and family-owned businesses to deduct up to 20% of their qualified business income, is set to expire at the end of 2025. This potential expiration could lead to significant tax increases for these businesses, threatening their competitive edge and accelerating economic consolidation.

Participants

  • Representative Greg Murphy (R-NC-03)
  • Dwayne Carson, Wine & Spirits Wholesalers of America

  • Russ Saputo, Carolina Eagle Distributing

  • Neil Robinette, C.F. Smith Property

  • Tina Long, Brixmor Property

  • Linda Andrews, NCFB

  • Taylor Jeffreys, T.A. Loving Company

  • David Osterhus, The Keith Corporation

  • Darrell Palasciano, The Providence Group of the Carolinas

  • Kelly Casey, Curtis Construction Company

  • Seth Lucas, East Coast Wings

  • Robbie Parker, U.S. Tobacco Cooperative

  • Brad Edwards, NC Consultant

  • Jason Jones, Copypro Inc.

  • Peter West, Custom Building Company

  • Randy Hyman, Carolinas Cotton Growers Cooperative

Carson opened the discussion by highlighting Congressman Murphy's efforts to advance the Main Street Certainty Act. Congressman Murphy then provided a congressional update on the 2024 and 2025 tax packages and engaged in an informal Q&A session with the attending business leaders.

"The 199A deduction has been a lifeline for small businesses and family-owned enterprises," said Congressman Murphy. "It's not just about saving money; it's about creating jobs, supporting local communities, and ensuring that Main Street businesses can continue to thrive. Without it, we risk losing the very backbone of our economy."

Background on the 199A Qualified Business Income Deduction

The 199A deduction allows owners of sole proprietorships, partnerships, and S corporations to deduct up to 20% of their qualified business income. Set to expire at the end of 2025, the elimination of this deduction would impose higher taxes on individually- and family-owned businesses, putting them at a disadvantage in the marketplace.

About Congressman Greg Murphy

Rep. Greg Murphy, M.D., is in his third term representing North Carolina's Third Congressional District, which includes New Bern, Jacksonville, Washington, and the Outer Banks. As a member of the House Ways and Means Committee, he is actively involved in shaping tax policy that affects businesses nationwide. Rep. Murphy is the only practicing surgeon in Congress and a co-chair of the House GOP Doctors Caucus.

About WSWA

Wine & Spirits Wholesalers of America (WSWA) is the national trade association representing the distribution tier of the wine and spirits industry. WSWA is dedicated to advancing the interests and independence of distributors and brokers of wine and spirits. Founded in 1943, WSWA has more than 380 member companies across 50 states and the District of Columbia, and its members distribute more than 80% of all wine and spirits sold at wholesale in the United States. To learn more, visit www.wswa.orgor connect with us on Facebook or Twitter.