Small businesses in Northern Virginia are at risk of facing a significant tax hike when the 20% Small Business Deduction expires in 2025. The National Federation of Independent Business (NFIB) has launched a new paid advertising campaign to urge members of Congress to make the deduction permanent by passing the Main Street Tax Certainty Act.
NFIB Vice President of Federal Government Relations, Jeff Brabant, emphasized the importance of making the Small Business Deduction permanent for small business owners in Northern Virginia. Without action from Congress, small businesses are at risk of facing a significant tax hike that could have a devastating impact on their operations and future growth.
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 in Northern Virginia and across the country.
Small businesses organized as pass-throughs can deduct up to 20% of qualified business income under the 20% Small Business Deduction, also known as Section 199A. This deduction is set to expire in 2025, making it essential for Congress to take action to make it permanent.
NFIB President Brad Close highlighted the importance of the 20% Small Business Deduction for Main Street businesses in a recent op-ed in the Wall Street Journal. The deduction provides critical support to small businesses nationwide and is vital for their continued success and growth.