Small Businesses in Northern Virginia at Risk of Significant Tax Increase: NFIB Launches Campaign to Permanently Extend Small Business Deduction

Small businesses in Northern Virginia are at risk of facing a significant tax hike when the 20% Small Business Deduction expires in 2025, and the National Federation of Independent Business (NFIB) is urging Congress to take action. The NFIB has launched a new paid advertising campaign in Northern Virginia, including radio and digital ads, to promote the Main Street Tax Certainty Act.

The Main Street Tax Certainty Act is a bipartisan piece of legislation that has been introduced in both Chambers of Congress. NFIB Vice President of Federal Government Relations, Jeff Brabant, emphasized the importance of making the Small Business Deduction permanent for small business owners in Northern Virginia. He stated that without action from Congress, small businesses are at risk of facing a significant tax hike that could harm their growth and success.

The 20% Small Business Deduction allows small businesses organized as pass-throughs to deduct up to 20% of qualified business income. This deduction is set to expire in 2025, making it essential for Congress to take action to make it permanent. NFIB President Brad Close highlighted the importance of this deduction for Main Street businesses in a recent op-ed in the Wall Street Journal, stating that it provides critical support to small businesses nationwide and is vital for their continued success and growth.