Sooner State News

In a recent discussion with Fox 25's Katie Arata, Jerrod Shouse, the State Director of the National Federation of Independent Business (NFIB) in Oklahoma, addressed concerns highlighted in the latest Small Business Problems and Priorities report. The report identifies inflation and federal taxes as significant issues for small businesses. Shouse emphasized that without legislative action, the expiration of the 20% Small Business Deduction in 2025 could lead to a substantial tax increase for business owners in Oklahoma.

"In 2017, Congress passed some tax cuts that were meant to help small business owners, including the 20% Small Business Deduction," stated Shouse. "A great many of our members take advantage of this provision, but it’s set to expire in 2025. They are really banking on Congress to do their job and pass the Main Street Tax Certainty Act. That is our number one goal in Capitol Hill."

The deduction was established under the 2017 tax law to provide smaller enterprises with competitive footing against larger corporations. It has been instrumental for many small business owners facing economic challenges over recent years. The proposed Main Street Tax Certainty Act aims to make this deduction permanent, preventing a potential tax increase for numerous small businesses across America.