FOR IMMEDIATE RELEASE

PROVIDENCE, RI (April 15, 2026) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new report with state-specific data outlining the economic benefits and massive tax savings the 20% Small Business Tax Deduction will bring to the 116,149 small businesses in Rhode Island now that it has been made permanent. The report also details several other federal tax relief wins that were signed into law.

“Faced with a steep and growing tax burden from state government, Rhode Island small business owners are appreciative of the federal 20% Small Business Deduction being made permanent and providing small businesses with some much-needed tax certainty,” said NFIB Rhode Island State Director Christopher Carlozzi. “The new permanency of the Small Business Deduction allows Rhode Island Main Street businesses to better plan for hiring, giving raises, and buying new equipment to expand their shops. More than 80% of small businesses are organized as pass-through entities for federal tax purposes and report their business earnings and expenses on their personal income tax forms. The Small Business Deduction allows them to keep more of their hard-earned money and decide how to reinvest it back into their business and create new jobs. The true test will be whether the benefits of federal relief will overcome the high-tax environment created by state and local government in Rhode Island. With Governor McKee and state lawmakers seemingly determined to hike taxes even further on many small business owners with the proposed 3% income surtax, Rhode Island risks losing any competitive edge whatsoever and staying at the bottom of state business climate rankings.”

For more information about NFIB’s advocacy efforts and to access the Massachusetts report visit HERE

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For over 80 years, NFIB has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit www.NFIB.com.