NFIB’s Greg Moreland testified before the House Republican Policy Committee Meeting
On October 9, 2024, NFIB Pennsylvania State Director Greg Moreland testified before the House Republican Policy Committee Meeting to discuss the small business economy, including a looming tax hike on small businesses.
Moreland began, “Small businesses are the foundation of our economy, yet nine out of 10 of them are about to face a massive tax hike that would hurt their ability to create jobs and give back to their communities. The 20% Small Business Deduction was created as a part of the 2017 federal tax law to level the playing field between small businesses and larger corporations. It has empowered small business owners to overcome the economic challenges of the last few years – but it’s set to expire at the end of 2025.
The expiration of the small business tax deduction represents a massive tax hike on more than 30 million small businesses. Protecting small businesses is good for America and Congress must save the 20% Small Business Deduction.”
He shared NFIB’s recent study which shows if the Small Business Deduction is made permanent, small businesses would create 1.2 million new jobs each year for the first 10 years across the country.
Moreland also highlighted Pennsylvania policy priorities for the General Assembly that would positively affect the small business community and help reduce inflationary pressures. Some top policies mentioned are:
- HB 1404 – repeals Accelerated Sales Tax Prepayments.
- HB 166 – Pennsylvania Families Tax Relief bill package; includes reduction of personal income tax rate.
- HB 136 – eliminates the Pennsylvania inheritance tax.
- SB 188 – requires legislative approval for economically significant regulations.
- SB 1015 – provides business owners with 60 days to respond to a notice of website access compliance issues related to the ADA.
Read his full testimony here. Watch his testimony here.
Concerned about the Small Business Deduction expiring? Tell your lawmaker to pass the Main Street Tax Certainty Act NOW before the Small Business Deduction expires in 2025!
