NFIB’s Vice President of Federal Government Relations, Jeff Brabant, appeared on “Syracuse’s Morning News with Dave Allen” on WSYR Radio in New York to discuss the federal Small Business Deduction. This discussion followed a successful member fly-in organized by NFIB, where members lobbied Congress to retain and make permanent the deduction.
Brabant highlighted the significance of the Small Business Deduction for businesses across New York and the nation. He updated listeners on recent Congressional actions concerning the legislative package known as “One Big Beautiful Bill,” which includes this deduction. The U.S. Senate is currently working on its version of this bill after it passed in the House last month.
“At the fly-in, we had about 130 business owners coming in from all around the country…come to Washington, D.C., and tell Congress to make sure that the 20% small business deduction is made permanent and Congress does not increase taxes on small businesses,” said Brabant. He emphasized that both chambers of Congress will need to reconcile their differences to prevent tax increases on over 30 million small businesses next year.
The 20% Small Business Deduction was introduced as part of the 2017 tax law to create parity between small businesses and larger corporations. While tax reductions for large corporations were made permanent under this law, if Congress does not act, many small businesses could face significant tax hikes when this deduction expires at year’s end.
NFIB’s recent polling indicates strong public support for maintaining the Small Business Deduction. More information about NFIB’s efforts in Washington can be found at Stop the Small Business Tax Hike.
For details specific to New York regarding this deduction, reference materials are available in a document titled NFIB-20-Small-Business-Deduction-Impact-NY.pdf.
