Hawkeye Reporter

The National Federation of Independent Business (NFIB) has launched a new advertising campaign in Iowa, urging Congress to halt an impending tax increase on small businesses. The campaign includes a radio advertisement advocating for the passage of the Main Street Tax Certainty Act, which aims to make the 20% Small Business Deduction permanent.

Brad Close, President of NFIB, emphasized the potential impact on small businesses: “Small businesses are the foundation of our economy, yet more than 30 million of them are about to face a massive tax hike that would hurt their ability to create jobs and give back to their communities.” He added that removing these tax savings could severely affect small businesses that have relied on this deduction to navigate challenges such as inflation and supply chain issues.

Matt Everson, NFIB State Director for Iowa, highlighted the importance of this legislation for local enterprises: “The Main Street Tax Certainty Act is crucial for Iowa’s small businesses. This legislation would make the 20% Small Business Deduction permanent, preventing a significant tax hike that could hinder our state’s economic growth.”

The 20% Small Business Deduction was introduced as part of the 2017 tax law to provide smaller enterprises with competitive parity against larger corporations. It is scheduled to expire at the end of 2025. The proposed act seeks to extend this benefit permanently, aiming to prevent substantial tax increases for many American small businesses.