In a bid to secure tax certainty for small businesses in Northern Virginia, the National Federation of Independent Business (NFIB) has launched a new paid advertising campaign. The campaign includes both radio and digital ads and advocates for the passage of the Main Street Tax Certainty Act, which seeks to make the 20% Small Business Deduction permanent.
Small business owners in Northern Virginia are calling on Congress to act swiftly and make the 20% Small Business Deduction a permanent fixture in the tax code. Without this deduction, they risk facing significant tax hikes when it expires in 2025. With over 800,000 small businesses in Virginia, passing the Main Street Tax Certainty Act is crucial to their survival.
The Main Street Tax Certainty Act is a bipartisan legislation that has been introduced in both Chambers of Congress. NFIB is urging Congress to prioritize its passage to provide small businesses with the certainty they need to navigate the current economic landscape.
The 20% Small Business Deduction, also known as Section 199A, allows small businesses organized as pass-throughs to deduct up to 20% of their qualified business income. This deduction is set to expire in 2025, making it essential for Congress to act swiftly and make it permanent.
NFIB Vice President of Federal Government Relations Jeff Brabant stated that “Small business owners are calling on Congress to take action and make this deduction permanent so that they can continue growing their businesses without fear of facing significant tax increases.” NFIB President Brad Close echoes this sentiment by emphasizing the importance of providing small businesses with tax certainty in his recent op-ed in the Wall Street Journal.
As such, NFIB’s new advertising campaign aims to educate Northern Virginia residents about the importance of supporting legislation that will provide tax stability for small businesses across Virginia and beyond.
