The National Federation of Independent Business (NFIB) has launched a new paid advertising campaign today in Northern Virginia, which includes both radio and digital ads. The campaign is advocating for the passage of the Main Street Tax Certainty Act, in order to make the 20% Small Business Deduction permanent.
NFIB Vice President of Federal Government Relations, Jeff Brabant, stated that small business owners in Northern Virginia are calling on Congress to take action and make the 20% Small Business Deduction permanent. Without this deduction, small businesses are at risk of facing a significant tax hike when it expires in 2025. With over 800,000 small businesses in Virginia, passing the Main Street Tax Certainty Act is crucial to their survival.
The Main Street Tax Certainty Act is a bipartisan legislation that has been introduced in both Chambers of Congress. NFIB is urging Congress to prioritize the passage of this act to provide small businesses with the certainty they need to navigate the current economic landscape.
The 20% Small Business Deduction, also known as Section 199A, allows small businesses organized as pass-throughs to deduct up to 20% of their qualified business income. This deduction is set to expire in 2025, making it essential for Congress to act swiftly and make it a permanent fixture in the tax code.
NFIB President Brad Close has underscored the importance of the 20% Small Business Deduction for Main Street businesses across the country. In a recent op-ed in the Wall Street Journal, he emphasized the need for Congress to prioritize the needs of small businesses and provide them with the tax certainty they deserve.