Grand Canyon Times

In a recent discussion with Arizona’s Family, Chad Heinrich, the State Director of the National Federation of Independent Business (NFIB) in Arizona, expressed concerns over the impending expiration of the 20% Small Business Deduction. This tax provision is set to expire in 2025 unless Congress takes action. Heinrich emphasized that failing to extend this deduction would lead to significant tax increases for small business owners in Arizona.

“It’s critical that this provision is made permanent,” Heinrich stated. He further explained that many small business owners have utilized the tax savings from this deduction to hire employees and purchase equipment, thereby expanding their businesses. According to him, losing this deduction would result in "probably the largest tax increase for small businesses" seen in decades.

The 20% Small Business Deduction was introduced as part of the 2017 tax law. It aimed to provide small businesses with a more level playing field compared to larger corporations. The Main Street Tax Certainty Act has been proposed to make this deduction permanent and prevent what could be a substantial tax hike affecting many small businesses across America.

For those interested in learning more about this issue or keeping up with developments related to Arizona's small business community, additional resources are available at www.SmallBizDeduction.com and NFIB's website at www.nfib.com/arizona.