Impacting Small Business Policy Since 1937
WP25 Priority Issues
For your Hill visits, NSBA has created a one-pager of information you can leave with the congressional staff and Members you meet with. This includes “About Us” information on NSBA and a pocket card with talking points you can use during your meetings.
For discussion topics during meetings, NSBA is asking all WP delegates to focus on the following key small-business issues as selected during Small Business Congress earlier this year:
Fully repeal the Corporate Transparency Act (CTA)
The CTA is supposed to be an anti-money laundering initiative, but, instead, became a tool for the big banks to shift legal reporting requirements back onto their small-business clients. NSBA sued over the constitutionality of the law, and the Administration updated the rule by eliminating a great deal of the originally undue terms. However, to ensure this rule does not become reinstated under future Administrations, Congress should act now to codify the rule change and eliminate the CTA in its entirety once and for all.
Ensure Small-Business Tax Fairness
Earlier this year, Congress passed and President Trump signed legislation (H.R. 1) that addressed NSBA’s top two priorities. It made permanent: the modernized individual income tax rates; the 199A Qualified Business Income (QBI); Section 174 R&D amortization; Section 179 immediate expensing; extended bonus depreciation; and increased estate tax thresholds. Prioritizing small businesses in the H.R. 1 provides much needed tax stability, predictability, and permanency
Permanently Enact SBIR/STTR
Policymakers must resist any attempts to diminish small-business participation in vital innovation programs. NSBA strongly supports permanency for both SBIR and STTR. NSBA also supports a substantial increase to the statutory SBIR allocation. It is currently set at 3.2 percent of an agency’s extramural research, which is far lower level of investment than China or Europe to high-tech small business R&D.