The National Federation of Independent Business announced on Apr. 15 a new report detailing the economic benefits and tax savings expected from making the 20% Small Business Tax Deduction permanent for Pennsylvania’s small businesses.
According to the organization, this change is significant for the state’s estimated 1.2 million small businesses, providing long-term tax certainty and supporting continued growth. The report also highlights other federal tax relief measures that have recently become law.
NFIB Pennsylvania State Director Greg Moreland said, “Pennsylvania small business owners are appreciative this tax season now that the 20% Small Business Deduction has been made permanent and owners can take full advantage of the long-term tax certainty.” Moreland added, “Making the Small Business Deduction permanent was a historic accomplishment for Main Street businesses, but owners caution Pennsylvania lawmakers to avoid legislation that would derail these tax savings at the state level.”
The deduction allows eligible small businesses to deduct up to one-fifth of their business income from taxes. Projections in NFIB’s report estimate an annual gain of about 51,000 jobs over ten years if the deduction remains intact. The state’s gross domestic product could increase by $2.8 billion annually during that period and $5.8 billion per year after 2035.
The National Federation of Independent Business bolsters Pennsylvania communities by advancing the small business sector according to its official website. The group advocates for local entrepreneurs through legislative updates and economic insights according to its official website. Its focus remains on representing small businesses throughout Pennsylvania according to its official website, influencing policy through engagement with lawmakers according to its official website, and maintaining nonprofit and nonpartisan status while supporting these enterprises according to its official website.
Founded in 1943 as a nonprofit organization, NFIB – Pennsylvania continues delivering policy updates and supporting community strength across the state through legislative advocacy and economic reports according to its official website.
