In Northern Virginia, small businesses are at risk of facing a significant tax hike when the 20% Small Business Deduction expires in 2025. To address this issue, the National Federation of Independent Business (NFIB) has launched a new paid advertising campaign that includes radio and digital ads. The campaign urges 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 harm their ability to compete and grow. With over 800,000 small businesses in Virginia, passing the Main Street Tax Certainty Act is crucial to supporting small businesses in the region.
The Main Street Tax Certainty Act is a bipartisan piece of legislation that 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 through Section 199A, known as the 20% Small Business Deduction. This deduction provides critical support to these businesses nationwide and is vital for their continued success and growth. NFIB President Brad Close highlighted this importance in a recent op-ed in the Wall Street Journal.
The NFIB campaign aims to draw attention to this critical issue and encourage lawmakers to take action before it’s too late for small businesses across Northern Virginia and beyond.
In summary, NFIB has launched a new paid advertising campaign urging Congress to make the 20% Small Business Deduction permanent by passing the Main Street Tax Certainty Act. The deduction provides critical support to small businesses nationwide, including those in Northern Virginia, which have over 800,000 such entities. Without action from Congress, these businesses could face significant tax hikes when it expires in 2025.
