U.S. Rep. Steve Chabot (R-OH) is lauding the recent establishment of new Department of Treasury and Internal Revenue Service small business deduction guidelines.
Chabot, U.S. House Committee on Small Business chairman, praised the 20 percent reduction initiative.
“This is great news for small businesses and the millions of Americans they employ,” he said. “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 House Committee on Small Business held a hearing last month as a means of gaining greater insight regarding the impact the Tax Cuts and Jobs Act has had on small businesses.
From reinvestments in their companies to providing raises, officials said small business witnesses’ testimony made it clear that the Tax Cuts and Jobs Act was providing positive results.
“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,” Chabot said. “This guidance is a pivotal next step.”
Committee officials said the body tracks all regulatory proposals through its Regulatory Watch page published in the Federal Register and those that are open for public comment.
Small businesses and interested parties are urged to visit Reg Watch to comment on the 20 percent small business deduction guidance.