The National Federation of Independent Business (NFIB) has launched a new paid advertising campaign in Northern Virginia, including radio and digital ads. The campaign aims to raise awareness about the importance of passing the Main Street Tax Certainty Act, which would make the 20% Small Business Deduction permanent.
NFIB Vice President of Federal Government Relations, Jeff Brabant, emphasized the urgency of making the Small Business Deduction permanent for small business owners in Northern Virginia. Without action from Congress, small businesses are at risk of facing a significant tax hike when the deduction expires in 2025. With over 800,000 small businesses in Virginia, passing the Main Street Tax Certainty Act is crucial to supporting small businesses in the region.
The Main Street Tax Certainty Act, a bipartisan piece of legislation, has been introduced in both Chambers of Congress. NFIB is optimistic that Congress will prioritize passing this legislation to provide certainty and support to small businesses in Northern Virginia and across the country.
The 20% Small Business Deduction, also known as Section 199A, allows small businesses organized as pass-throughs to deduct up to 20% of qualified business income. This deduction provides critical support to small businesses nationwide and is vital for their continued success and growth. NFIB President Brad Close highlighted this importance in a recent op-ed in the Wall Street Journal.