New effort includes paid media asking members of Congress to make the 20% Small Business Deduction permanent
WASHINGTON, D.C. (August 9, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, announced today a new issue campaign that will run throughout August, urging members of Congress to pass the Main Street Tax Certainty Act. The campaign involves a multi-state paid media advertising campaign including video, radio, and digital ads.
“If Congress takes no action, the 20% Small Business Deduction will expire in 2025, imposing a massive tax hike on a majority of America’s small businesses. While Members of Congress are back in their states and districts in August, small business owners want them to understand the importance of making the 20% Small Business Deduction permanent,” said Brad Close, NFIB President. “Despite economic headwinds, small employers are poised to lead an economic comeback, and Congress has an opportunity to provide much-needed tax certainty, allowing them to grow and invest in their businesses. We are encouraged that this important legislation has been introduced in both the U.S. Senate and House and urge Congress to pass it this Congress.”
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. The Small Business Deduction was created in the 2017 tax law to bring small businesses’ tax rates closer to that of their large, corporate competitors.
In a recent NFIB member ballot, 91% of NFIB members said they supported permanently extending the expiring provisions of the 2017 tax law. According to NFIB’s 2021 tax survey, nearly half of small business owners (48%) reported the uncertainty of expiring tax provisions is impacting their current or future business plans.
The Main Street Tax Certainty Act has been introduced in the U.S. Senate by Senator Steve Daines (R-MT) and in the U.S. House by Representatives Lloyd Smucker (R-PA) and Henry Cuellar (D-TX).
Watch the new digital video ad here: https://youtu.be/d5zVECW4w5M
Listen to the new NFIB radio ads here: https://www.youtube.com/playlist?list=PLWcr4XXHGXwd5BPT3Hj0X31REcXlqCMW-
Learn more at www.SmallBizDeduction.com
