Big Sky Times

NFIB President Brad Close recently addressed Montana listeners on the potential impact of a significant tax increase if Congress does not extend the Small Business Deduction, which is set to expire in 2025. During his appearance on "Montana Talks" with host Aaron Flint, Close highlighted concerns among small business owners regarding the expiration of this deduction.

Close stated, “We’re starting to see that small business owners know that it’s going to expire in a couple of years, and they will start to adjust their spending and their growth plans … They know if this [the Small Business Deduction] goes away in 2025, they’re looking at a massive tax increase in 2026.”

The Small Business Deduction, also known as Section 199A, allows businesses organized as pass-through entities to deduct up to 20% of qualified business income. This provision was introduced as part of the 2017 tax law with the aim of aligning small business tax rates more closely with those of larger corporations.

A recent ballot conducted by NFIB revealed that 91% of its members support making these provisions permanent. In another interview on KGVO Radio in Missoula, Close emphasized the need for Congress members to understand the importance of extending this deduction permanently while they are back in their states and districts.

NFIB has been advocating for small and independent businesses across America for over 80 years. The organization remains committed to representing these businesses both federally and at state levels.