Small Businesses Urge Congress to Pass the Main Street Tax Certainty Act

May 18, 2023

Small Businesses Urge Congress to Pass the Main Street Tax Certainty Act

WASHINGTON, D.C. (May 18, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, applauds the re-introduction of the Main Street Tax Certainty Act today in the U.S. Senate. Senator Steve Daines (R-MT) re-introduced the important legislation, which will make the Small Business Deduction permanent. “As small businesses manage economic headwinds, Congress has the opportunity to pass legislation that would provide tax certainty for Main Street by making the Small Business Deduction permanent,” said Brad Close, NFIB President. “Unlike the corporate rate, the Small Business Deduction is set to expire in 2025 and its elimination would cause small businesses to curtail their hiring and growth plans. We are encouraged that Senator Steve Daines re-introduced the Main Street Tax Certainty Act in the Senate and urge members of the U.S. House to quickly follow.” The Small Business Deduction (Section 199A) allows pass-through businesses the ability to deduct up to 20% of qualified business income and is scheduled to expire at the end of 2025. The Main Street Tax Certainty Act makes this critical tax deduction permanent for small business owners across the country. “Montana small business owners thank Senator Daines for re-introducing this crucial legislation in the U.S. Senate,” said Ronda Wiggers, NFIB Montana State Director. “The Small Business Deduction has allowed owners to reinvest in their businesses and employees. We urge Congress to pass the Main Street Tax Certainty Act and make the deduction permanent.” According to NFIB’s Problems and Priorities survey, small business owners rank taxes and tax-related issues as a top concern for their business. In a tax survey, nearly half of respondents (48%) reported the uncertainty of expiring tax provisions is impacting their current or future business plans.

Topics:

Taxes

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