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Lawmakers MUST act to ensure parity in tax rates between the smallest businesses and global corporations

Commitments to common sense tax policy must prevail in Congress to support small business. ) indicated that a majority of the Senate Republican Conference was not currently supportive of the tax to the Child Tax Credit (CTC).  This poses a significant hurdle for final passage of any tax deal, especially one which includes key NSBA is closely monitoring the progress of the tax deal, and will continue to provide updates as they

may be adjourning for August, but there is no Recess for Small Business – especially when it comes to tax House Members and key Committees ­outlining priorities leading up to legislative discussions for a 2025 tax RELATED | NSBA Priority Issues – Taxes Citing the small business impact on the U.S. economy, including Follow NSBA as we continue tracking these policies and tax priorities, and share your small-business story, including how tax policies affect your enterprise and bottom line with our Voter Voice tool .

It may not be fair, but tax policy considerations are already a circus this Congress. Buddy Carter (R-Ga.) introduced legislation, the Fair Tax Act of 2023 (H.R. 25), which would effectively abolish the IRS, do away with the current federal income tax, payroll taxes, gift taxes, and all other federal taxes and replace it with a 30 percent national sales tax. the Fair Tax aims to do.

The bill contains small-business tax provisions supported by NSBA. UPDATE | After passage in the House, bipartisan tax deal still faces significant hurdles in the Senate RELATED | NEWS | Tax Deal Faces High Hurdles in Senate This week, Congress is set to vote on the new, bipartisan, bicameral Tax Relief for American Families and Workers Act of 2024. reinstates non-amortized research and development deductions under Section 174 for the 2022 and 2023 tax

Compromise will be key to ensure common sense tax provisions for small business this year. The bipartisan tax deal faces significant hurdles in the Senate, as a number of Senate Finance Committee RELATED | PRESS | NSBA Applauds House for Bipartisan Passage of Tax Relief Bill The Finance Committee was written behind closed doors and without their input, and secondly some appear concerned that any tax Follow NSBA as we continue tracking this tax legislation on Capitol Hill.

Congress continues to discuss a tax package, including a number of provisions pertinent to small business the weekend, a bipartisan group of House and Senate negotiators hammered out a deal on a major $78b tax R&D expensing, with domestic Section 174 expenses set to be retroactively deductible beginning with tax While the change is not permanent in the new legislation, it would be secured through the 2025 tax year year 2023 and 60% for tax year 2024) will retroactively restored to 100%, beginning in tax year 2023

NSBA Priority Issue, small business commends Senate supporters of a path forward for this important tax UPDATE | After we alerted our community that Senate leadership was going to try to bring H.R.7024, the Tax tax relief to high-tech small businesses.  In February, bipartisan cooperation in the House helped pass The Tax Relief for American Families and Tax Relief bill has remained stalled in the Senate; however, this week, after months of NSBA member

Take two minutes to urge your lawmakers to support the Main Street Tax Certainty Act! When the Tax Cuts and Jobs Act was passed in 2017, the tax cuts specific to small business were only Legislation has been introduced in Congress, the Main Street Tax Certainty Act (S. 1706/H.R. 4721), which The Main Street Tax Certainty Act will prevent rate hikes on America’s individually and family-owned businesses—something large corporations don’t have to worry about—and take an important step toward tax

“The state of taxes in our country is weighing heavily on small businesses...." 2024   CONTACT | Molly Day 202-552-2904 | mday@nsba.biz   NSBA Responds to VP Harris Small Business Tax expiration of a number of tax cuts from the 2017 Tax Cuts and Jobs Act. income tax level, the expiration of the individual rate cuts would be yet another tax hike on America and small businesses; and tax simplification.”

The IRS should focus their efforts and research to better identify noncompliant taxpayers.

NSBA urges Congress to allow self-employed individuals to fully-deduct the cost of their health insurance.