WASHINGTON, D.C. (Dec. 11, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video explaining how the expiring 20% Small Business Tax Deduction works and the positive effects if Congress makes it permanent by passing the Main Street Tax Certainty Act. The video explains how this crucial deduction helps Main Street and levels the playing field between small businesses and their large corporate competitors.

Watch the new NFIB Small Business Deduction explainer video here.

“If Congress fails to act, 33 million small businesses will face a massive tax hike at the end of 2025,” said Jeff Brabant, NFIB Vice President of Federal Government Relations. “Not making the Small Business Deduction permanent would limit Main Street’s ability to grow, hire new workers, provide for their employees, and give back to their community. The ripple effect of this financial hit will be nationwide. Congress must pass the Main Street Tax Certainty Act and protect the nine out of 10 small businesses who benefit from the crucial 20% Small Business Deduction.”

The 20% Small Business Deduction was created as a part of the 2017 tax law to level the playing field between small businesses and larger corporations. It helps empower small businesses to overcome economic challenges, but it’s set to expire at the end of 2025. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and avoid a massive tax hike on a majority of America’s small businesses.