The National Federation of Independent Business (NFIB) has called on Congress to address key legislative issues affecting small businesses before the year's end. The NFIB highlights the expiration of the 20% Small Business Deduction and impending beneficial ownership reporting requirements as critical concerns.
Jeff Brabant, NFIB Vice President of Federal Government Relations, stated, “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.”
During the lame-duck session—the period between an election and when newly elected officials take office—there is an opportunity for significant legislative action. The NFIB has sent a letter urging Congress to focus on legislation that will offer immediate relief to small businesses across the country.
The NFIB's priorities include making the 20% Small Business Tax Deduction permanent, eliminating or delaying the Beneficial Ownership reporting mandate for millions of small businesses, enacting H.R. 906 (the REPAIR Act), reducing red tape through bipartisan efforts like H.R. 7198 (the Prove It Act), instilling competition in credit card swipe fees, reducing energy costs via H.R. 1 (the Lower Energy Costs Act), rejecting Lauren McFerran’s renomination to the National Labor Relations Board (NLRB), addressing rising health care costs, and preventing unintended audits from 1099k forms.
Failure by Congress to act could mean continued economic challenges for small businesses. The NFIB plans to monitor these issues closely and keep business owners informed. Further details are available in their letter to U.S. Senate and House leaders.
The NFIB also encourages over 95,000 small business owners to sign its petition aimed at preventing a substantial tax increase by ensuring that the 20% Small Business Deduction becomes permanent.
