NFIB, a prominent small business advocacy group, has initiated a statewide advertising campaign aimed at encouraging Senators Joe Manchin and Shelley Moore Capito to endorse the Main Street Tax Certainty Act. This federal legislation seeks to make the 20% Small Business Deduction permanent, as it is currently set to expire in 2025.
Gil White, NFIB State Director, emphasized the challenges faced by West Virginia’s small businesses: “West Virginia’s small businesses have had a rough few years, beginning with the pandemic and continuing with the labor shortage and inflation that has driven up the price of everything from raw materials to rent.”
White further explained the potential consequences if the deduction expires: “If the 20% Small Business Deduction is allowed to expire, the economic impact would force small businesses to cut back on hiring and slow any plans they might have had to expand.”
The deduction in question allows most small businesses to deduct up to 20% of their qualified business income. White urged support for this legislation: “On behalf of our West Virginia small business members, I urge Senators Manchin and Capito to support this legislation and clear the path for small businesses to continue to grow and create jobs.”
The radio ad accompanying this campaign highlights concerns over potential tax increases affecting nine out of ten small businesses in West Virginia. It calls on residents to seek more information and support local enterprises through Small Biz Deduction dot com.
