News

Small businesses win with the recently passed One Big Beautiful Bill Act (OBBBA), said Tom Sullivan, U.S. Chamber Senior Vice President of Small Business Policy, on America’s Small Business Network on Monday.

• “Small business owners need cash so that they can hire the best employees, pay their best employees more, add benefits, expand their operations,” Sullivan said. “This tax bill frees up cash now.”

Why it matters: The legislation not only helps avoid a massive tax increase on Americans at the end of the year, but it also delivers permanent, pro-growth tax reforms designed to benefit businesses, workers, and communities.

Key takeaways:

• The OBBBA made a number of tax provisions permanent, including 100% expensing for research and development. “That gives small business owners the opportunity to plan ahead, make the investments now, but more importantly, have the confidence that the tax code isn't going to go up and down like a roller coaster and then end up hurting their long-term investment,” Sullivan said.
• Another provision made permanent is the deduction for qualified business income (QBI). “Sole proprietors, LLCs, S corps—those are all businesses that can benefit from this 20% deduction,” he added.

Dig deeper:

• This guide from the U.S. Chamber helps small businesses maximize their savings.
• Learn more about how the OBBBA delivers tax relief for small businesses.