Rushmore State News

The National Federation of Independent Business (NFIB) has launched a national advertising campaign in South Dakota. The campaign includes a radio advertisement urging Congress to pass the Main Street Tax Certainty Act, which aims to make the 20% Small Business Deduction permanent.

NFIB President Brad Close emphasized the importance of this deduction for 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 stated. Close warned that removing these tax savings could severely impact small businesses, which have relied on the deduction to navigate challenges such as inflation and supply chain issues.

Jason Glodt, NFIB State Director, echoed these concerns. “In South Dakota and throughout the country, small businesses are the backbone of our economy,” he said. Glodt stressed the need for Congressional action to support small businesses and maintain their ability to contribute economically.

The 20% Small Business Deduction was introduced as part of the 2017 tax law with an expiration date set for the end of 2025. The proposed legislation seeks to extend this benefit permanently, aiming to prevent a significant tax increase for many small business owners across America.