Big Sky Times

The National Federation of Independent Business (NFIB) has published a guest editorial on its Montana webpage, highlighting a significant Congressional proposal. The editorial emphasizes the importance of the Main Street Tax Certainty Act, which aims to support small businesses through the continuation of the Small Business Deduction.

Ronda Wiggers, Montana state director for NFIB, expressed her enthusiasm about the initiative led by a Montanan. She stated, "It heartens me deeply that a Montanan is leading the charge for the most significant piece of legislation in the country." Wiggers hopes for further support from fellow U.S. senators to bolster Montana's commitment to small businesses.

The editorial outlines how the Small Business Deduction, introduced in 2017 as Section 199A, has benefited small businesses organized as pass-through entities. This deduction allows these businesses to deduct up to 20% of their qualified business income on their IRS forms. According to Wiggers, "Tens of thousands of Montana small businesses have benefitted from this common-sense policy."

However, there is concern about the impending expiration of this deduction in 2025. The editorial warns that without action from Congress, many small businesses will face increased tax burdens. Brad Close, NFIB President, highlighted this issue during an interview on KGVO-AM in Missoula: "If Congress takes no action, the 20% Small Business Deduction will expire in 2025, imposing a massive tax hike on a majority of America’s small businesses."

The NFIB member ballot revealed strong support for extending the provisions permanently, with 91% backing this move. For more information and updates on this topic and other related issues affecting Montana's small businesses, interested parties are encouraged to visit www.SmallBizDeduction.com and www.nfib.com/MT.