BOISE, Idaho – U.S. Senator Jim Risch (R-Idaho) introduced legislation to promote economic growth and ensure small business tax relief is made permanent.
“In 2017, Congress passed the landmark Tax Cuts and Jobs Act to update our tax code, spur economic growth, and ensure Idahoans kept more of their hard-earned dollars, but Democrats have worked to roll back all that progress,” said Risch. “Providing small businesses with permanent tax relief is the pro-growth agenda Idaho businesses are looking for, and these bills will help put America back on the right track.”
The Main Street Tax Certainty Act, introduced by Risch and Senator Steve Daines (R-Mont.), would make the 20 percent pass-through business tax deduction implemented in the 2017 Tax Cuts and Jobs Act permanent. The tax deduction will expire at the end of 2025 and would result in a massive tax hike for businesses who will likely be forced to reduce wages or eliminate jobs.
The Book Minimum Tax Repeal Act, introduced by Risch and Senator John Barrasso (R-Wyo.), would undo Democrats’ reckless tax hike on corporations implemented in the “Inflation Reduction Act.” The tax claws back longstanding provisions to help promote economic growth and investment, while creating loopholes for special interest groups.
In April, Risch introduced the Accelerate Long-term Investment Growth Now (ALIGN) Act, which would make permanent a TCJA provision that allowed businesses to fully expense new investments (machinery, equipment, etc.) in the year of purchase.
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