Sen. Moran Joins Colleagues in Introducing Bill to Give Small Businesses Permanent Tax Break

WASHINGTON - Today, U.S. Senator Jerry Moran (R-Kan.) joined Steve Daines (R-Mont.), Majority Leader John Thune (R-S.D) and 32 Senate Republican colleagues in introducing the Main Street Tax Certainty Act to make the 20 percent pass-through business tax deduction permanent. This legislation will prevent the deduction from expiring at the end of 2025.

"Kansas small businesses support rural and urban communities across the state," said Sen. Moran. "By making this small business tax break permanent, businesses across the nation will be able to remain open, retain hard-working employees and help the areas around them thrive."

"As the son of a contractor, I've seen firsthand the hard work it takes to keep a small business flourishing- especially as Americans are still grappling with the effects of Joe Biden's inflation," said Sen. Daines. "It's absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I'll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state."

"Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country," said Sen. Thune. "This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025."

Sens. Moran, Daines and Thune were joined by Senators John Barrasso (R-Wyo.), Shelley Moore Capito (R-W.V.), James Lankford (R-Okla.), Joni Ernst (R-Iowa), Tom Cotton (R-Ark.), Tim Scott (R-S.C.), Chuck Grassley (R-Iowa), Kevin Cramer (R-N.D.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), Pete Ricketts (R-Neb.), Katie Britt (R-Ala.), Jim Risch (R-Idaho), Eric Schmitt (R-Mo.), Roger Wicker (R-Miss.), Cynthia Lummis (R-Wyo.), Cindy Hyde-Smith (R-Miss.), Tommy Tuberville (R-Ala.), Ted Cruz (R-Texas), John Hoeven (R-N.D.), Thom Tillis (R-N.C.), Roger Marshall (R-Kan.), Jim Justice (R-W.V.), Tim Sheehy (R-Mont.), Deb Fischer (R-Neb.), Bill Cassidy (R-La.), Ted Budd (R-N.C.), Rick Scott (R-Fla.), Bill Hagerty (R-Tenn.), Todd Young (R-Ind.), John Kennedy (R-La.) and Jim Banks (R-Ind.).

The full bill text can be found here.

Background:

• The 20 percent small business deduction, section 199A, was created as a part of President Trump's 2017 tax cuts to level the playing field between small businesses and large corporations.
• Without Congressional action, 9 out of 10 small businesses will be hit with a massive tax hike when this deduction is set to expire

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