Duval Times

Senator Rick Scott has collaborated with Senator Steve Daines, Majority Leader John Thune, and 32 other Republican senators to introduce the "Main Street Tax Certainty Act." This legislation aims to make the 20 percent pass-through business tax deduction permanent. The current provision is set to expire at the end of 2025, potentially resulting in a significant tax increase for small businesses.

Senator Rick Scott emphasized his past efforts as Governor of Florida in reducing taxes over 100 times to benefit businesses and families. He stated, “I’m proud to work with my colleagues to deliver on President Trump’s agenda with the Main Street Tax Certainty Act that continues a tax cut for our small businesses, which are the backbone of our economy.”

Senator Steve Daines highlighted his personal connection to small business challenges and noted the importance of preventing a potential tax increase for Montanans. He remarked, “It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans.”

Majority Leader John Thune underscored the significance of small businesses in driving economic growth across South Dakota and beyond. He said, “This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025.”

The bill has garnered support from several senators including John Barrasso (R-Wyo.), Shelley Moore Capito (R-W.V.), James Lankford (R-Okla.), Joni Ernst (R-Iowa), Tom Cotton (R-Ark.), Tim Scott (R-S.C.), Chuck Grassley (R-Iowa), Kevin Cramer (R-N.D.), Jerry Moran (R-Kan.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), Pete Ricketts (R-Neb.), Katie Britt (R-Ala.), Jim Risch (R-Idaho), Eric Schmitt (R-Mo.), Roger Wicker (R-Miss.), Cynthia Lummis (R-Wyo.), Cindy Hyde-Smith (R-Miss.), Tommy Tuberville (R-Ala.), Ted Cruz (R-Texas), John Hoeven (R-N.D.), Thom Tillis (R-N.C.), Roger Marshall (R-Kan.), Jim Justice (R-W.V.) Tim Sheehy (R-Mont.) Deb Fischer (R-Neb.) Bill Cassidy (R-La.) Ted Budd (R-N.C.) Bill Hagerty (R-Tenn.) Todd Young (R-Ind.) John Kennedy (R-La.) Jim Banks (R-Ind.).

The deduction was initially established under President Trump's 2017 tax cuts. A recent study by Ernst & Young reported that this deduction supports approximately 2.6 million jobs and contributes $325 billion to GDP.

Chris Netram from the National Association of Manufacturers expressed strong support for making this deduction permanent, citing its importance in supporting manufacturers who invest in their businesses.

NFIB President Brad Close warned against Congress's failure to act: “If Congress fails to act, more than 30 million small businesses will face a massive tax hike at the end of this year."

Brad Griffin from Montana Retail Association also backed Senator Daines’ initiative due to its potential benefits for local economies facing rising costs.

In addition, over 230 trade associations have signed a letter supporting this legislative effort.