The National Federation of Independent Business (NFIB), a prominent advocate for small businesses, has called on Congress to prioritize specific legislative actions during the 2024 lame-duck session. In a letter sent to congressional leaders, NFIB highlighted the urgency of addressing issues that impact small businesses across the nation.
"Small business uncertainty is at an all-time high, and much of this stems from the fact that there is a looming tax hike on over 30 million small businesses in just over one year," said NFIB Vice President of Federal Government Relations Jeff Brabant. "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."
The organization outlined several legislative priorities for Congress:
- Making permanent the 20% Small Business Tax Deduction.
- Eliminating or delaying beneficial ownership reporting mandates affecting 32.6 million small businesses.
- Enacting H.R. 906, known as the Right to Equitable and Professional Auto Industry Repair (REPAIR) Act.
- Reducing regulatory hurdles through bipartisan measures like H.R. 7198, the Prove It Act.
- Encouraging competition in credit card swipe fee markets.
- Lowering energy costs via H.R. 1, titled the Lower Energy Costs Act.
Additionally, NFIB urged legislators to reject Lauren McFerran's renomination to the National Labor Relations Board (NLRB), tackle rising healthcare costs, and prevent unintended audits triggered by form 1099k.
