U.S. Senator Katie Britt Introduces Bill For Small Business Tax Relief

Washington D.C. –U.S. Senator Katie Britt (R-Ala.) was joined by U.S. Senator Steve Daines (R-Mont.) along with a group consisting of twelve Republican members to propose the Main Street Tax Certainty Act that makes the current pass-through tax deduction for small-sized businesses to be permanent.

The deduction was originally enacted as a part of the Tax Cuts and Jobs Act in 2017. The deduction was enacted as part of the Tax Cuts and Jobs Act in pass-through companies, which are smaller than those that qualify for taxation on corporate income in the first place, to deduct up 20 percent of the income they qualify for. Pass-through businesses account for more than 98 percent of American companies and employ more than half of America’s workforce. The current deduction will be set to end in 2025 that would equate to an enormous tax increase for small-scale businesses across the country.

“Small companies are struggling trying to survive in the face of rising inflation and the Biden Administration’s determination to imposition of its tax-and-spend program on hard-working Americans,” said Senator Katie Britt. “The the last thing that small businesses can afford now is a major tax increase that is looming over them. To ensure that each Alabamian can achieve their American Dream, we must reduce the burden on small-scale businesses, from those who are just beginning their journey to established, family-owned businesses on the local Main Streets across our great country and state. I will fight for Alabama small-scale businesses as well as their families.”

Alongside senators Britt and Daines This bill is also co-sponsored by Senate Republican Conference Chair John Barrasso (R-Wyo.) and U.S. Senators Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Bill Cassidy (R-La. ), Roger Marshall (R-Kans. ), Mike Braun (R-Ind. ), Bill Hagerty (R-Tenn.), Chuck Grassley (R-Iowa), Tim Scott (R-S.C.), Ted Cruz (R-Texas), Roger Wicker (R-Miss.) along with Kevin Cramer (R-N.D.).

The legislation is backed from more than 130 stakeholder organizations which include organizations like the National Association of Manufacturers, National Federation of Independent Business (NFIB) as well as The American Farm Bureau Federation, and the Independent Community Bankers Association of America.