Old North News

The National Federation of Independent Business (NFIB) has launched a new radio advertisement campaign in North Carolina. This campaign acknowledges Senator Thom Tillis for his support in efforts to make the 20% Small Business Deduction permanent by supporting the Main Street Tax Certainty Act.

Jeff Brabant, NFIB's Vice President of Federal Government Relations, stated, “Small business owners want to see Congress take action and make the 20% Small Business Deduction permanent, and Senator Thom Tillis has been a strong leader on this issue.” Brabant further emphasized the potential implications, stating, “Main Street is at risk of a massive tax hike if the Small Business Deduction expires in 2025. Passing the Main Street Tax Certainty Act should be a top priority for Congress, and we are encouraged that this important bipartisan legislation has been introduced in both Chambers. We urge Congress to pass it and we thank Senator Thom Tillis for his leadership for North Carolina’s small businesses.”

Currently, the 20% Small Business Deduction under Section 199A allows small businesses organized as pass-through entities, such as S corporations, LLCs, sole proprietorships, or partnerships, to deduct up to 20% of qualified business income. This provision is scheduled to expire in 2025.

NFIB President Brad Close also wrote an op-ed in the Wall Street Journal where he highlighted the significance of the 20% Small Business Deduction for Main Street businesses across the country.

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