The National Federation of Independent Business (NFIB) supports the One Big Beautiful Bill Act because it is one of the most pro-small business pieces of legislation in recent history.
The bill prevents a massive tax hike on over 33 million small business owners, while also providing a tax cut for most small business owners. Here are four major wins in the legislation that will specifically impact America’s small businesses:
Increases and makes permanent the Small Business Deduction. The 20% small business tax deduction (also known as the section 199a deduction), which was scheduled to expire at the end of the year, is increased to 23% and made permanent in the bill. In 2021, 25.9 million small businesses claimed the deduction.
Increases Section 179, Small Business Expensing Cap from $1.25 million to $2.5 million. This will allow small businesses to fully expense…
