The Looming Expiration of the Small Business Deduction in 2025: What You Need to Know

BOSTON, MA (Oct. 1, 2024) – The National Federation of Independent Business (NFIB), recognized as the leading advocacy group for small businesses across the United States, recently organized a high-profile press conference on Capitol Hill in Washington D.C. This event coincided with their 2024 Small Business Tax Deduction Summit and showcased a coalition of small business advocates. Key figures included NFIB President Brad Close, U.S. Senator Steve Daines (R-MT), and a group of passionate small business owners. Together, they urged Congress to pass the groundbreaking Main Street Tax Certainty Act, which aims to make the crucial 20% Small Business Deduction a stable, permanent feature of the tax landscape for America’s approximately 33 million small enterprises.

Among the attendees was Massachusetts’ own Neal Abramson, who is not only an NFIB member but also the owner of several consignment stores operating throughout the New England region. Abramson took the opportunity to speak at the press conference, highlighting the positive impact that the small business tax deduction has had on local businesses, including his own in the Commonwealth of Massachusetts.

Massachusetts Small Business Owner Neal Abramson stated:

“The Small Business Deduction has allowed us to invest in our team. It has enabled us to modernize our infrastructure and empowered us to focus on growing our business. It’s crucial for Congress to send a clear message: ‘It’s not about Wall Street; it’s in the interest of Main Street.’ We hear this sentiment during election cycles, but it’s time for Congress to prove it by passing the Main Street Tax Certainty Act. We need them to recognize that we are more than just a pit stop during a Saturday in November.”

>>>>> Watch Abramson’s full comments HERE.

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For over 80 years, NFIB has been tirelessly advocating for the rights and interests of America’s small and independent business owners, both in Washington, D.C., and across all 50 states. The NFIB operates as a nonprofit, nonpartisan, and member-driven organization. Established in 1943, NFIB remains wholly dedicated to supporting small and independent businesses. For further information and resources, please visit nfib.com.

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