Small business owners urge Congress to pass the Main Street Tax Certainty Act
WASHINGTON, D.C. (Aug. 30, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a video today in a series that features small business owners describing the significance of the 20% Small Business Deduction.
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025.
Watch NFIB’s new In Their Own Words video here:
Excerpts include:
“If the Small Business Deduction were eliminated, then all of the things that small business owners have based their business models on, including just their dreams and their plans, all of that has to scale back,” said Michelle Smith of Florida.
“It is imperative that you make this deduction permanent for small businesses across the country in order for us to survive in these crucial economic times,” said Renea Jones of Tennessee.
NFIB launched a campaign urging Congress to pass the Main Street Tax Certainty Act, which would make the 20% Small Business Deduction permanent for small businesses. Learn more at www.SmallBizDeduction.com.
