The National Federation of Independent Business (NFIB) has announced its support for H.Con.Res 14, designating it as an NFIB Key Vote for the 119th Congress. This budget resolution, if enacted, would allow Congress to utilize the budget reconciliation process to make the 20% Small Business Tax Deduction permanent.
Adam Temple, NFIB Senior Vice President for Advocacy, emphasized the urgency of the matter: "In less than a year, taxes will increase on over 30 million small businesses if Congress fails to act." He further noted that "the budget reconciliation process presents the best opportunity for Congress to prevent a tax increase on small employers and make the 20% small business tax deduction permanent."
The significance of this deduction is highlighted by its previous impact; nearly 26 million small businesses claimed it in 2021. Temple also projected that making this deduction permanent could grow the economy by $750 billion over ten years and add approximately 1.2 million jobs annually. He stated that "over 91% of NFIB Members support making expiring small business Tax Cuts and Jobs Act provisions permanent."
According to Temple, passing H.Con.Res 14 is crucial: "Making the 20% small business tax deduction permanent is the most important action Congress can take to help small businesses this year. Passing H.Con.Res 14 is the first step in achieving this outcome." The NFIB's strong backing of this resolution underscores its commitment to advocating for America's small and independent businesses.
For eight decades, since its founding in 1943, NFIB has been dedicated exclusively to supporting these enterprises across Washington D.C., and all state capitals. As a nonprofit and nonpartisan organization driven by its members' interests, it continues its mission today.
