The National Federation of Independent Business (NFIB) has expressed strong support for the Main Street Tax Certainty Act, a piece of legislation introduced by Sen. Steve Daines and Rep. Lloyd Smucker. This act aims to make the 20% Small Business Deduction permanent, preventing a significant tax increase on small businesses scheduled for the end of this year.
Jeff Brabant, NFIB Vice President of Federal Government Relations, stated that "Ninety-one percent of NFIB members support permanently extending the Small Business Deduction." He emphasized the potential impact if Congress does not take action: "If Congress fails to act, the Small Business Deduction will expire this year, and small businesses will be hit with a massive tax increase."
The deduction was initially established under the 2017 tax law to provide smaller businesses with a more level playing field against larger corporations. Without legislative intervention, taxes are set to rise for over 30 million small businesses by the end of 2025.
Brabant reiterated NFIB's position: "NFIB strongly supports the Main Street Tax Certainty Act and urges Congress to advance the legislation as quickly as possible, so America’s small businesses have certainty and tax rates that help level the playing field with their large corporate competitors."
For further details on NFIB's stance, letters sent to Sen. Steve Daines and Rep. Lloyd Smucker are available for public reading.
