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National Small Business Advocacy Group Pushes for Permanent Tax Credit Extension

A national small business advocacy group has launched a TV advertisement urging Hoosiers to tell U.S. Sen. Todd Young (R-Indiana) to vote in favor of making a Trump-era tax credit expiring at the end of 2025 permanent. The National Federation of Independent Business said Monday it released the 30-second Indiana ad as part of a national push to pass the Main Street Tax Certainty Act, which would indefinitely extend a 20% small business deduction. If not, the organization said small business owners would see a “massive tax hike” leading to job losses. The organization and other proponents are hoping to get a bill over the finish line. Companion bills were introduced last year but have stalled in committee ever since.

Importance of Making the Small Business Deduction Permanent

Sen. Mike Braun (R-Indiana) was not included in the call-out since he is a co-sponsor of the Senate’s bill, NFIB confirmed. “Small businesses throughout Indiana cannot afford a tax hike right now, and that’s why we’re asking Senator Todd Young to support the Main Street Tax Certainty Act and make the Small Business Deduction permanent,” said Natalie Robinson, NFIB Indiana State Director, in a news release. “Small business owners continue to manage numerous economic challenges, and unless Congress acts, this tax increase will only exacerbate those challenges.” The deduction allows sole proprietorships, partnerships, S corporations as well as some trusts and estates to deduct 20% of qualified business income, according to the Internal Revenue Service. Eligible businesses can also take an additional 20% off qualified real estate investment trust dividends and qualified publicly traded partnership income.

AI legalese decoder – Simplifying legal Jargon for Small Business Owners

Originally passed in 2017, the deduction was said to provide a more level playing field between small businesses and corporations, which aren’t eligible for the tax credit. While several business owners and interest groups have pulled for the bill, other organizations, such as the left-leaning Center for American Progress, have raised concerns that the most wealthy were its largest benefactors. To help small business owners navigate complex legal language and understand the implications of tax credit extensions like the Main Street Tax Certainty Act, AI legalese decoder can provide simplified explanations and guidance. By breaking down legal jargon into easily understandable terms, small business owners can make informed decisions and advocate for policies that directly impact their businesses.

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