WASHINGTON, D.C., May 22, 2025—The Independent Insurance Agents and Brokers of America (the Big “I”) applauds the U.S. House of Representatives for passing the “One Big Beautiful Bill Act” earlier today. The bill includes significant tax reform and takes an important step to make much of the 2017 Tax Cuts and Jobs Act (TCJA) permanent, which would otherwise expire at the end of this year.
The bill would make permanent the 199A deduction for pass-through entities and increase it from 20% to 23%. With 86% of independent insurance agencies structured as pass-through entities and filing taxes at the individual rate, according to the 2024 Agency Universe Study, this is a significant victory for the independent agency channel.
“This critical legislation builds upon the success of the TCJA by supporting Main Street America—the communities, businesses and individuals who are the backbone of our country,” said Charles Symington, Big “I” president & CEO. “We are particularly thankful that this legislation preserves and strengthens the 199A deduction, which so many independent agencies have come to rely upon to better serve their communities.”
The bill also makes the individual tax rates permanent, while modifying the inflation adjustment mechanism for the various brackets. The bill does not make changes to the corporate rate, which was made permanent by the TCJA.
The Big “I” commends Speaker of the House Mike Johnson (R-Louisiana), House Republican Leadership and Ways and Means Chairman Jason Smith (R-Missouri) for their hard work in moving this legislation forward. Their efforts to champion small businesses demonstrate a strong commitment to supporting the independent agency system and the broader community. The bill now heads to the U.S. Senate, which will make changes to the bill. If passed, the bill will be sent back to the House for another vote.
“Today, the House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent,” said Nathan Riedel, Big “I” senior vice president of federal government affairs. “We urge the Senate to do its work to move this legislation forward.”
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice® brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.