U.S. Sen. Katie Britt, R-Ala., along with U.S. Sen. Steve Daines, R-Mont., and a group of 12 Republican colleagues introduced the Highway Tax Guarantee Act, which would provide business tax cuts for small businesses. Constant.
Originally passed as part of the Tax Cuts and Jobs Act of 2017, this deduction allows pass-through businesses, small entities that do not qualify for corporate income tax, to deduct up to 20 percent of their income. Transit businesses represent 98 percent of all U.S. businesses and employ nearly half of the nation’s workforce. The current deduction expires in 2025, effectively equating to a major tax increase on small businesses across the country.
“Small businesses are still struggling with high inflation and the Biden administration’s reckless efforts to impose its tax-and-spend agenda on hard-working Americans,” said Senator Cathy Britt. “The last thing small businesses can afford right now is a huge tax increase coming their way. To make sure every Alabamian has a chance to live the American dream, we need to reduce the burden on small businesses, from family-owned to established shops on Main Streets across our great state and nation. I will continue to fight tirelessly for the families they support.
In addition to Senators Britt and Daines, this bill was sponsored by Senate Republican Conference Chairman John Barrasso, R-Wyo. and U.S. Senators Marsha Blackburn, R-Tenn., Jim Risch, R-Idaho, Bill Cassidy, R-La., Roger Marshall, R-Kans., Mike Brown, R-Ind., Bill Hagerty, R-Tenn., Chuck Grassley, R-Tenn. -Iowa, Tim Scott, RS.C., Ted Cruz, R-Texas, Roger Wicker, R-Miss. and Kevin Cramer, RN.D.
This legislation has the support of more than 130 stakeholders, including the National Association of Manufacturers, the National Federation of Independent Business (NIB), the American Farm Bureau Federation and the American Association of Independent Community Banks.