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WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the highly anticipated U.S. Department of Treasury and Internal Revenue Service guidance on the Tax Cuts and Jobs Act’s new 20 percent small business deduction was released:
“This is great news for small businesses and the millions of Americans they employ. Main Street businesses now have the clarity needed to work towards the 20 percent deduction, which will allow businesses to continue to invest in their companies, hire workers, and grow the economy. The Tax Cuts and Jobs Act has been instrumental for small businesses, entrepreneurs, and startups, and I look forward to seeing the new law create even more gains. This guidance is a pivotal next step.”
Background: Last month, the House Committee on Small Business held a hearing to gain further insight on the effects the Tax Cuts and Jobs Act has had on small businesses. From reinvestments in their companies to providing raises, the small business witnesses that testified made it clear that the Tax Cuts and Jobs Act was providing positive results.
As a resource, the Committee tracks all regulatory proposals through its Regulatory Watch page that have been published in the Federal Register and those that are open for public comment. Small businesses and interested parties are invited to visit Reg Watch to comment on the new 20 percent small business deduction guidance.
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