New Small Business Rundown podcast episode focuses on the biggest small business bills from 2023
The Small Business Rundown podcast recently featured an overview of the federal government's top advocacy priorities for small businesses throughout 2023. Guests from NFIB's Federal Government Relations team also provided perspective on the proposed rules and their implications for small business owners in 2024 on issues that will continue to be monitored.
Small business deduction
The small business deduction allows pass-through entities (sole proprietorships, S corporations, partnerships, or LLCs) to deduct up to 20% of their qualified business income.
” Main Street Tax Security Act This expires at the end of 2025, so we're making this permanent,” explained Federal Affairs Director Jeff Brabant. “More than 80% of small employers are pass-throughs and will benefit from this. So, very importantly, Main Street Tax Security Act Now that it passes, there will be no major tax increases at the end of 2025. ”
credit card contest
Small businesses pay certain processing fees, also known as swipe fees, every time they use a credit card, and these fees have doubled since 2012. credit card competition law This introduces much-needed competition to the credit card processing market by allowing small business owners to choose from multiple credit card networks, allowing small business owners to choose the best option for their business. Masu.
“This adds to the credit card market the type of competition that small business owners have to endure every day, and ultimately reduces the amount small business owners pay in credit card fees,” Brabant said. said.
Small business owners are struggling with rapidly increasing health insurance premiums. For nearly 40 years, the cost of health insurance has been a top priority for small employers, but the problem has only gotten worse. NFIB continues to advocate for legislation that reduces costs for small employers.
- Selective arrangement method: passed by the House of Representatives Selective arrangement method This gives small employers access to more affordable insurance coverage options.
“NFIB was closely involved in that,” explained Jocelyn Castillo, director of federal relations. “In fact, many NFIB members testified in support of legislation that would increase choice and control for small employers. Because we have a divided government, the chances of this bill being considered in the Senate are very high. It’s low, but in the legislative arena this is a big win and sets us up for big battles in the future.”
- Laws that reduce costs and increase transparency: The House of Representatives also passed the following bill: This will give small employers transparency and more information about benefits so they can make the best decisions for their business and employees.
“We want to make sure that these transparency measures work for small employers as well as large employers,” Castillo said. “I think we'll see more of this issue early next year.”
- Office work reduction law: This bill streamlines reporting requirements and reduces administrative burden for employers offering group health insurance. It awaits approval by the U.S. Senate and could be approved by the end of the year.
“The private sector is currently dealing with a historic regulatory burden under this administration…The common theme is massive regulatory expansion,” said Josh McLeod, director of federal government relations. We have outlined several rules that will add to the already heavy administrative burden.
- WOTUS: “By some estimates, 97% of Iowans will be subject to this final rule,” McLeod explained. “It's just huge. This refers to land that isn't traditionally wetland, or land that would be expected to be covered by water. This is something that farmers, small businesses, ranchers, and we deeply This is a big issue for many concerned NFIB members.”
- Joint Employers: The National Labor Relations Board (NLRB) has announced final joint employer rules that significantly expand when an employer is considered a joint employer under the law. National Labor Relations Act. The new standard is broader and allows employers with indirect control or unexercised control to be classified as joint employers.
“It will increase the bargaining power of trade unions over small businesses,” McLeod added. “The number of small businesses that will be considered joint employers will increase.”
NFIB will continue to monitor these issues as well as new regulations and legislation expected in 2024. Listen to the full podcast to hear a breakdown of expectations for the new year and the impact of legislation starting this year. To submit questions or requests for future podcast topics or guests, please send us an email. [email protected].
Vote on the NFIB Federal Ballot
NFIB has a track record of achieving results on the issues that matter most to small business owners by challenging existing laws and regulations and speaking out on newly introduced laws that impact small businesses. We have made measurable progress on the issues that NFIB members voted on through voting. 1 member, 1 vote program.
NFIB's current federal question ballot (ballot number 583) remains open for voting. Members can vote by logging into their account at NFIB.com/votemyballot.