NFIB State Director Gregg Thompson has highlighted the potential economic impact on North Carolina if the 20% Small Business Deduction is not extended. This deduction, introduced in 2017, is set to expire in 2025 unless Congress decides to make it permanent.
Thompson referred to two NFIB reports that emphasize the significance of this deduction for local businesses, although these reports do not provide state-specific data. He stated, “Small business is the foundation of North Carolina’s economy. This deduction has enabled local businesses to overcome many of the economic challenges they’ve faced over the past several years.”
He further warned about the consequences if the deduction expires: “If this deduction is allowed to expire in 2025, nine out of ten Main Street businesses would see a massive federal tax increase that would make it harder for them to create jobs, serve their customers, and support their communities.”
The NFIB encourages stakeholders to review these findings for more detailed insights into how this policy affects small businesses.
