Main Street businesses could see a big tax increase in 2025 unless Congress acts soon
The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, launched a radio and digital ad campaign today in Northern Virginia urging members of Congress to pass the Main Street Tax Certainty Act and make the 20% Small Business Deduction permanent.
“Our small business members in Northern Virginia and throughout the commonwealth are facing a massive increase in 2025 unless Congress makes the Small Business Deduction permanent,” NFIB State Director Julia Hammond said. “We’re encouraged that the bipartisan Main Street Tax Certainty Act has been introduced in both the House and Senate, and we hope Congresses passes it.”
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025. NFIB President Brad Close recently penned an op-ed in the Wall Street Journal where he discussed the importance of the 20% Small Business Deduction for Main Street businesses nationwide.
