The National Federation of Independent Business (NFIB) has released a report highlighting the benefits of making the 20% Small Business Tax Deduction permanent in Montana. The report emphasizes that over 136,000 small businesses in the state could face higher taxes if Congress does not act. Without this deduction, small businesses would face a tax rate of 45.5%, while their larger competitors would remain at 27.75%. Making the deduction permanent could lead to significant economic benefits, including the creation of 5,000 new jobs annually and a projected annual GDP increase of $244 million for the first decade.
NFIB Montana State Director Ronda Wiggers stressed the importance of protecting small businesses, stating that allowing the deduction to expire would stifle growth and endanger countless businesses. The 20% Small Business Tax Deduction has been crucial for small business owners to expand and create jobs, and its expiration could threaten jobs and economic stability nationwide. NFIB encourages lawmakers to act quickly to ensure the continued success of small businesses in Montana.
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