In a new paid advertising campaign, the National Federation of Independent Business (NFIB) is urging members of Congress to make the 20% Small Business Deduction permanent by passing the Main Street Tax Certainty Act. The campaign includes radio and digital ads that highlight the importance of this legislation for small businesses in Northern Virginia.
NFIB Vice President of Federal Government Relations, Jeff Brabant, emphasized the significance of making the Small Business Deduction permanent for small business owners in the region. Without action from Congress, small businesses are at risk of facing a significant tax hike when the deduction expires in 2025. With over 800,000 small businesses in Virginia, passing the Main Street Tax Certainty Act is crucial to supporting small businesses in Northern Virginia and beyond.
The Main Street Tax Certainty Act, a bipartisan piece of legislation, has been introduced in both Chambers of Congress. NFIB is optimistic that Congress will prioritize passing this legislation to provide certainty and support to small businesses across the country.
Small business owners in Northern Virginia are also calling on Congress to take action on this issue. The 20% Small Business Deduction, also known as Section 199A, allows small businesses organized as pass-throughs to deduct up to 20% of qualified business income. This deduction is set to expire in 2025 and has become critical support for many Main Street businesses throughout Virginia.
NFIB President Brad Close highlighted the importance of this deduction for Main Street businesses in a recent op-ed in the Wall Street Journal. He noted that without it, many small businesses would be unable to continue growing and expanding their operations or hiring new employees. Passing the Main Street Tax Certainty Act would provide much-needed stability and predictability for these important local enterprises.
Overall, NFIB’s campaign underscores the importance of supporting small businesses through policy measures like making the Small Business Deduction permanent. With so many vital contributions made by these enterprises throughout Northern Virginia and beyond, ensuring their success should be a top priority for lawmakers at all levels of government.