There’s good news for small business owners who have been waiting all year for tax reform.
Late last week, NFIB came out in support of an amendment to the House Ways & Means Committee tax reform bill. The amendment reduces the tax rate on small pass-through businesses to 9 percent over five years without industry exclusions or restrictions. Maintenance of this tax relief is vital as the legislation advances to President Trump’s desk.
The week prior, the committee released a proposal that could ultimately become the first major rewrite of the tax code in 31 long years. At that time, NFIB announced it could not support the proposed bill, as it left too many small business owners behind. Still, NFIB promised to work with Committee Chairman Kevin Brady to make it right for small business.
And we did just that. The resulting amendment will create substantial tax relief for millions of small business owners who were left out of the original bill. Chairman Brady listened to our concerns, and his amendment benefits the greatest possible number of American small business owners.
On November 9, the same day the House Committee amendment was proposed and accepted, the U.S. Senate released its own tax plan—not yet a bill. “It includes real tax relief, allowing small business owners to keep more of their money to invest in growth and create new jobs,” said NFIB President and CEO Juanita Duggan.
The House is expected to vote on the bill this Thursday.
For the latest information, visit NFIB.com/TaxReform.