What it means: There are crucial pieces of legislation NFIB is urging Congress to act on before new elected officials take over in January.

Our take: “With the 20% Small Business Deduction scheduled to expire and burdensome beneficial ownership reporting requirements just around the corner, now is the time for Congress to proactively address the key issues impacting Main Street and prioritize legislation to help American small businesses grow, invest, and flourish,” said NFIB Vice President of Federal Government Relations Jeff Brabant.

Take Action: Join over 95,000 small business owners in signing NFIB’s petition to stop the massive tax hike by making the 20% Small Business Deduction permanent.

TAKE ACTION

The months between the election and the change of power in Congress, known as the lame-duck session, offer a chance to pass or repeal important legislation that would impact small business greatly. NFIB sent a letter requesting that Congress prioritize legislation in the lame-duck period that will provide immediate relief to small businesses nationwide.

The following priorities will fight inflation, reduce energy and health care costs, eliminate red tape, and, most importantly, give small businesses breathing room to compete with larger competitors.

• Make the 20% Small Business Tax Deduction permanent.
• Eliminate or delay the burdensome Beneficial Ownership reporting mandate for 32.6 million small businesses.
• Enact H.R. 906, the Right to Equitable and Professional Auto Industry Repair (REPAIR) Act.
• Eliminate red tape for small businesses through bipartisan legislation like H.R. 7198, the Prove It Act.
• Instill competition into the credit card swipe fee marketplace.
• Reduce energy costs by enacting H.R. 1, the Lower Energy Costs Act.
• Reject the renomination of Lauren McFerran to the National Labor Relations Board (NLRB).
• Address unsustainable health care cost increases.
• Prevent unintended 1099k triggered audits.

Without Congressional action, small businesses will continue to face the current onerous economic environment. NFIB will monitor these issues and keep small business owners updated. More information can be found in NFIB’s letter to U.S. Senate and House leaders.

Take Action: Join over 95,000 small business owners in signing NFIB’s petition to stop the massive tax hike by making the 20% Small Business Deduction permanent.