U.S. SENATE — U.S. Senator Steve Daines today introduced legislation to give small businesses permanent tax relief. Daines is pushing to make the small business tax deduction included in the Tax Cuts and Jobs Act of 2017 permanent. Currently, the tax deduction is set to expire at the end of 2025.
“I championed the effort to make sure small businesses in Montana are on equal tax footing as corporations. Now, we must make this level playing field permanent to protect and grow Montana jobs,” Daines said.
Daines championed the tax deduction for small businesses in the Tax Cuts and Jobs Act.
The bill has received significant stakeholder support with over 100 groups, including the National Federation of Independent Business and the U.S. Chamber of Commerce, sending a letter of support.
For bill text click HERE.
U.S. Senators John Thune and Pat Roberts are original cosponsors of the bill. Congressmen Jason Smith and Henry Cuellar introduced the bipartisan bill in the U.S. House.
Statements of Support:
“U.S. Senator Daines has been a strong guardian of small business and we are grateful for his work in delivering tax relief for small businesses. Small businesses are creating jobs, increasing wages, and investing in inventory thanks to the Small Business Deduction, but they need certainty in the form of permanence. We applaud Senator Daines’ work on legislation that will make the Small Business Deduction permanent, and we urge the Senate to bring this important legislation to the floor.” – Juanita Duggan, President and CEO, National Federation of Independent Business
“In inflation-adjusted 2018 dollars, net farm income in 2018 is the third lowest in more than two decades. Recovery from this economic downturn will take years, and improved cash flow resulting from the Section 199A deduction will help fuel the recovery.” – Zippy Duvall, President, American Farm Bureau Federation
“Senator Daines stood up for Main Street during tax reform and he’s doing it again. Making the 199A deduction permanent is essential to the success of Main Street businesses in Montana and nationwide. It means increased investment, more jobs and higher wages.” – Brian Reardon, President, S Corporation Association
“The Parity for Main Street Employers coalition is proud to support the introduction of S. 1149 by Senator Daines. The bill complements the efforts of Representatives Smith and Cuellar to make tax relief for Main Street Employers permanent and to ensure that these businesses continue to be part of the economic success story taking place in American.” – Chris Smith, Executive Director, Parity for Main Street Employers
“Passthrough businesses appreciate what Senator Daines did to get them more equitable treatment in the tax reform bill, and are equally grateful for his new effort to make the section 199(A) deduction permanent so that that main street businesses — and NAW’s many pass through members — can continue to grow and hire.” – Jade West, Chief Government Relations Officer, National Association of Wholesaler-Distributors
“Led by Representatives Jason Smith (MO) and Henry Cuellar (TX) in the House and Senator Steve Daines (MT) in the Senate, this bipartisan legislation will help ensure permanent tax relief for the millions of employers organized as S corporations, partnerships and sole proprietorships.” – Over 100 Groups including National Federation of Independent Business and U.S. Chamber of Commerce
Background:
Daines has a long history of fighting for policies that reduce the financial strain on Montana’s small businesses.
On March 5th, 2019, Senator Daines supported the Craft Beverage Modernization and Tax Reform Act to permanently reduce the excise tax on Montana’s small craft breweries.
On January 29th, 2019, Senator Daines sponsored the Death Tax Repeal Act of 2019. The bill would fully repeal the federal estate tax, also known as “the death tax.”
On October 23rd, 2018, Senator Daines touted the 25 new Opportunity Zones that now exist across Montana thanks to the Tax Cuts and Jobs Act.
On March 22nd, 2018, Senator Daines was named the Senate 2017 Taxpayer Super Hero by the Council for Citizens Against Government Waste.
On February 23, 2018, Daines finished a four-day tax tour through 17 counties in Montana to hear how the Tax Cuts and Jobs Act has impacted local brewers and other businesses.
On February 5, 2018, Daines wrapped up a tour across Eastern Montana with stops in Billings, Sidney, Circle, Glendive, Ekalaka, Baker, Wibaux, Terry and Miles City to discuss the benefits Montanans are seeing from tax cuts.
On December 19, 2017, Daines voted to send the Tax Cuts and Jobs Act to the President’s desk and return over $700 million in tax cuts to Montanans.
On December 2, 2017, Senator Daines voted in support of the Senate Tax Cuts and Jobs Act to increase wages, grow jobs and give back Americans their hard-earned dollars.
On December 1, 2017, Senator Daines announced he secured $100 billion in tax cuts for Main Street businesses, increasing their tax deduction from 17.4 percent to 23 percent.
On November 29, 2017, After Senator Daines secured an additional $60 billion in tax cuts for Main Street businesses, he agreed to vote to move the Senate tax cuts bill to the floor for debate. He promised to continue fighting on behalf of Main Street as the final bill was drafted.
On November 27, 2017, Senator Daines announced plans to vote “no” on the Senate tax cuts bill, telling leadership he wanted “to see changes to the tax cut bill that ensure main street businesses are not put at a competitive disadvantage against large corporations.”
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