The One Big Beautiful Bill Boosts Small Businesses
Washington, D.C.--The One Big Beautiful Bill Act delivers targeted relief to America’s small businesses, making their tax deduction permanent, repealing onerous IRS reporting regulations and enabling workers to benefit from businesses’ success.
“Freeing small businesses from onerous reporting requirements and providing them certainty through a permanent small business deduction allows them to expand and invest,” said Finance Committee Chairman Mike Crapo (R-Idaho). “That means more jobs and higher wages in our local communities, on top of new provisions that allow taxpayers to keep more of their hard-earned paychecks.”
Key wins:
- Permanent small business deduction, enabling job creation and spurring local economic activity.
- No tax on tips for millions of tipped workers.
- No tax on overtime for millions of America’s hourly workers.
- Repeals the Democrats’ onerous IRS reporting requirements on gig workers.
- Increases the 1099-MISC threshold, reducing the paperwork burden for small businesses and workers.
What they are saying:
“H.R. 1 extends the pro-growth policies from the TCJA and builds on their success, expanding key incentives from the 2017 law while introducing new provisions that further support manufacturing investment in the United States.” - National Association of Manufacturers
“Making the small business deduction permanent is NFIB’s number one legislative priority and the most important thing Congress can do to help small businesses and their workers.” - National Federation of Independent Businesses
“The ‘One Big, Beautiful Bill,’ now on its way to President Donald J. Trump for his signature, includes tax policies that will strengthen the restaurant and foodservice industry, enabling restaurant owners and operators across the country to create jobs, invest in their business and provide certainty for their local economies.” - National Restaurant Association
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