NFIB Member Advocate: “I urge our lawmakers in Washington D.C. to provide permanent tax relief for small businesses.”

October 3, 2023

NFIB Maine member Shad Hall makes the case from experience to Congress for the federal Small Business Deduction.

NFIB Member Advocate: "I urge our lawmakers in Washington D.C. to provide permanent tax relief for small businesses."

By Shad Hall As a small business owner, I urge our lawmakers in Washington D.C. to provide permanent tax relief for small businesses. Current tax law provides many helpful provisions for small businesses, including the Section 199A pass-through deduction, also known as the Small Business Deduction. As our company works now to plan and project budgets for 2024 and 2025, we remain concerned that the expiration of Section 199A would eliminate tax predictability; necessary for us to responsibly budget, plan, and continue to invest in our employees and our business with certainty in the coming years. The House of Representatives passed Tax Reform 2.0 in 2018 to make important small business provisions permanent, giving small business owners like me the certainty to plan and invest for the future. Without additional congressional action, these provisions are scheduled to expire in 2025. We must consider and plan our balance sheets to address this expiration now. Our company has been able to strengthen our small business in consideration of the retained funds that the 20% Small Business Deduction provides. With over $55,000 in funds retained over the last 5 years, we have been able to maintain competitive wages with consistent increases and bonuses keeping our dedicated, skilled workforce motivated with payroll increases by 2% of revenue for 4 consecutive years. As employees continue to face new cost of living increases, we have maintained our same low health insurance premiums and competitive plans, keeping employees happy and healthy. We added two new vehicles to our fleet creating monetary, delivery, and environmental efficiencies contributing to both customer and employee satisfaction. The small business community urges lawmakers to consider and pass the Main Street Tax Certainty Act (H.R. 4271/S. 1706) now. If businesses are not able to feel confident that permanent tax relief for small businesses will be supported, small businesses will find themselves having to cut spending or decrease investment now to properly budget for the loss of retaining these funds in the very near future.

Topics:

Uncategorized

State:

Maine

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