The National Federation of Independent Business (NFIB) has launched a new national advertising campaign featuring small business owners advocating for making the Small Business Deduction permanent, the organization announced.
“The Small Business Deduction, created to bring small businesses’ tax rates closer to that of their large, corporate competitors, has been a crucial component of the 2017 tax cut law, especially during the pandemic. It has allowed small business owners to invest in their employees and business operations and plan for the future,” said NFIB President Brad Close. “While Congress made the 21% corporate rate permanent, it let the Small Business Deduction expire after 2025. It is critical that Congress make the Small Business Deduction permanent.”
The Small Business Deduction (Section 199A) allows small businesses to deduct up to 20% of their qualified business income. Watch the first installment of the campaign below.