The West Virginia News recently featured an op-ed by Kyle Lindsey, owner of Bob’s American Store & Café in Shady Spring and a member of the National Federation of Independent Business (NFIB). Lindsey emphasized the significance of the 20% Small Business Deduction, urging Congress to make it permanent before its scheduled expiration next year.
In his piece titled “Congress Must Keep Tax Relief for Small Business,” Lindsey outlined the challenges faced by small business owners. He described the deduction as “the most important part of the 2017 tax cuts,” designed to aid smaller enterprises in competing with larger corporations. While corporate tax rates were permanently reduced from 35% to 21%, the deduction for small businesses is temporary and set to expire.
Lindsey explained that this deduction has been crucial in making products more affordable and facilitating hiring at his business, which combines retail and restaurant services. He expressed concerns that without it, businesses like his would struggle to compete with larger companies and maintain planned growth.
He stated, “Only Congress can save our small business, our team, and the customers and community we serve.” Lindsey called on legislators to prioritize extending the deduction before its expiration or in early 2025.
Background information highlights that Section 199A allows certain small businesses to deduct up to 20% of qualified business income. This provision was part of a broader effort in 2017 to align small business tax rates more closely with those of large corporations. An NFIB survey indicated strong support among members for making these provisions permanent due to their impact on current and future business planning.
