WASHINGTON (January 18, 2019)—The Council of Insurance Agents & Brokers and the Independent Insurance Agents & Brokers of America issue the following joint statement:
Today the Internal Revenue Service (IRS) released final regulations implementing Section 199A of the tax code. The final regulations confirm that owners and shareholders of insurance agencies and brokerages organized as pass-through entities can fully utilize a new tax deduction created by the 2017 tax reform law for their insurance producer income.
Our members provide insurance products that are essential to the economy, individual businesses and American families. Moreover, they employ millions of people across the U.S. and occupy numerous retail locations in every state. These regulations provide much needed certainty to insurance agencies and brokerages, and their employees. We thank the Administration for moving quickly to finalize these important regulations despite the partial government shutdown.
Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products.
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