Last week, during National Small Business Week, the PA Chamber partnered with Americans for Prosperity Pennsylvania to launch a joint campaign calling on Congress to make permanent key small business tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire at the end of the year.
The campaign spotlighted the potential economic harm of letting these provisions expire. Most notably, the TCJA included a 20 percent qualified business income (QBI) deduction for pass-through businesses (Section 199A), which has helped millions of small business owners lower their tax burden and reinvest in growth.
The law also expanded research and development tax credits and improved asset depreciation and business expensing, all of which are on track to sunset this year unless Congress acts.
Watch the campaign videos:
“Pennsylvanians are counting on Congress to deliver a win by extending the Tax Cuts and Jobs Act of 2017,” said AFP Pennsylvania State Director Emily Greene. “If our delegation doesn’t act, taxpayers will face an average increase of more than $2,300 per year. After four years of record-high inflation, we simply cannot afford to pay more.”
“Here’s the good news: Congress can prevent this tax hike by extending key provisions of the TCJA, allowing taxpayers and business owners to continue to thrive,” Greene said.
“Failing to renew these tax provisions would deal a serious blow to Pennsylvania’s economic competitiveness,” said PA Chamber President & CEO Luke Bernstein. “Small businesses across the Commonwealth are already navigating workforce shortages and dramatically higher costs compared to 2017. The last thing they need now is a higher tax burden that makes it harder to hire, invest, and grow. We have an opportunity — and a responsibility — to come together and give small business owners the certainty they need to succeed.”
See the news coverage:
You can learn more at ProtectProsperity.com.