BIGiOK Goes to Nation’s Capitol to Fight for YOU

What do these five topics have in common?

1. The Section 199A 20% small business deduction

2. Federal Data Privacy Standards

3. National Flood Insurance Program

4. Federal Crop Insurance Program

5. Federal Trade Commission on Non-Compete agreements.

All are priority discussions with your lawmakers in Washington during this year’s Big I Legislative Conference. Thousands of volunteer Big I member agents and brokers from all 50 states carried the water through the halls of congress and delivered the message directly to the offices of lawmakers in D.C.

• The Section 199A 20% small business deduction, also known as the Qualified Business Income Deduction, was created by the Tax Cuts and Jobs Act of 2017 to provide a tax break for small-business owners. The deduction allows eligible businesses to deduct up to 20% of their qualified business income on their taxes, resulting in significant tax savings. This is a very important benefit to 80% of our member agencies, and the Big I continues to fight for the extension of this deduction (due to expire in 2025) for its members.

• The federal data privacy standards for financial institutions including insurance agencies refer to a set of regulations designed to protect the confidentiality and security of sensitive personal and financial information held by financial institutions. These standards are set forth in various federal laws and regulations, including the GrammLeach-Bliley Act and the Fair Credit Reporting Act. The Big I seeks to ensure states maintain appropriate regulatory authority and any new federal mandates take in to consideration the differences between large and small businesses.

• The National Flood Insurance Program continues to lack a long-term reauthorization. The Big I supports a long-term solution for reauthorization, private market participation and opposes any policies that would harm the important role of the independent agent.

• The Federal Crop Insurance Program continues to be an important priority for the Big I. The current Farm Bill expires Sept. 30, 2023. The Big I supports a strong and robust FCIP that provides our farmers and communities certainty and opposes cuts to crop insurance.

• The Federal Trade Commission has decided to attempt to assert its power over non-compete agreements. The recent actions of the FTC are concerning, and the Big I has asked Congress to use its oversight authority to closely examine FTC’s proposed rulemaking and guard against unauthorized regulatory overreach.

These are just the top five priorities. The Big I advocates for the Independent Agent and Broker on many fronts all year long. No matter if you’re a small agency or a large agency, the Big I fights for you. Learn more by going to: independentagent.com/GovernmentAffairs