As many of you know, we are a long-standing partner of AALU, an organization that is the trusted, influential voice for life insurance and annuities distribution in Washington, D.C. Through our partnership, we’ve come together to influence policy and drive change in the industry. In fact, many of our leaders and producers have served on AALU’s governing board throughout the years.
In just the past few months, several regulations have been either finalized, or proposed, that directly impact not only our industry but also our collective businesses and the clients we help. Thanks to AALU’s direct involvement and leadership, the regulations were amended with critical provisions – and are either final or on their way to becoming final.
A great example is the finalized amendment to Section 199A of the Tax Cuts and Jobs Act (TCJA), which provides a 20% deduction for qualified business income of pass-through organizations. Through AALU’s involvement, the final regulation now ensures this deduction will include commission-based life insurance sales income as qualified business income.
AALU is focused on several additional amendments, like the above, that are critical to our industry. We will continue to keep you updated on these achievements. This progress demonstrates the power of our partnership, and of effective advocacy. We are thankful to have an organization like AALU fighting for us on a daily basis. If you are not a member of the AALU, contact Suzy Jacobs (jacobs@aalu.org, or 703.641.8120) to learn more, and join us to continue making an impact!