NFIB Weekly News
“Main Street Tax Certainty Act” Introduction in the U.S. Senate (05/17/2023)
The Main Street Tax Certainty Act is expected to be introduced in the U.S. Senate this week. Senator Steve Daines (R-MT) will re-introduce the important legislation, which will make the Small Business Deduction permanent. Currently, the deduction is set to expire after 2025. Rep. Jason Smith (R-MO), who has long championed making the Small Business Deduction permanent, is anticipated to re-introduce the legislation in the House soon as well.
“As small businesses manage economic headwinds, Congress has the opportunity to pass legislation that would provide tax certainty for Main Street by making the Small Business Deduction permanent,” said Brad Close, NFIB President. “Unlike the corporate rate, the Small Business Deduction is set to expire in 2025 and its elimination would cause small businesses to curtail their hiring and growth plans. We are encouraged that Senator Steve Daines re-introduced the Main Street Tax Certainty Act in the Senate and urge members of the U.S. House to quickly follow.”
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