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, making it essential for Congress to take action to make it permanent.
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 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 the region.
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.
The National Federation of Independent Business (NFIB) has launched a new paid advertising campaign in Northern Virginia, including radio and digital ads. The campaign urges members of Congress to make the Small Business Deduction permanent by passing the Main Street Tax Certainty Act.