The National Federation of Independent Business (NFIB) has provided an update on the legislative landscape affecting small businesses in 2024 and outlined expectations for the coming year. According to Josh McLeod, Director of Federal Government Relations at NFIB, "We saw a tsunami of new regulations. From 2021-2024 almost $1.8 trillion of new regulatory costs came out of the Federal Government."
The NFIB's Federal Government Relations team hosted a webinar to discuss recent congressional actions impacting small businesses and to preview potential changes in 2025. During this session, McLeod highlighted key developments, including the striking down of the Department of Labor's Overtime rule. He also noted efforts involving testimonies and Congressional Review Act letters concerning small business issues, as well as work related to beneficial ownership reporting through the Repealing Big Brother Overreach Act.
Looking ahead to 2025, Jeff Brabant, Vice President of Federal Government Relations at NFIB, discussed anticipated budget reconciliation processes and the implications of expiring tax provisions for small businesses. Of particular concern is the expiration of the 20% Small Business Deduction in 2025, which could result in significant tax increases for most small businesses.
The webinar also offered a Q&A session aimed at providing expert insights into what small business owners can expect in 2025. NFIB encourages business owners to join their efforts in advocating for making the 20% Small Business Deduction permanent.
