OKLAHOMA CITY (OKH) — Small businesses here in Oklahoma are still feeling the effects of inflation, but experts say Congress can do something to help.

The NFIB says it is supporting the Main Street Tax Certainty Act, which would make permanent the tax cuts passed by Congress in 2017 to help small businesses.

If this bill is not passed, these tax deductions will expire in 2025, putting small businesses in Oklahoma and across the country at risk.

According to experts, small businesses are the backbone of our economy.

“According to the SBA, the Small Business Administration, 98% of employers in Oklahoma are classified as small businesses,” said Jerrod Shouse, Oklahoma’s NFIB director. “They create two-thirds of the net new hires in our state and in our country, so small businesses are absolutely critical.”

But according to a recent NFIB survey, small business owners are struggling with inflation.

“It could be how inflation affects their pricing, it could be how much it costs to hire contractors or employees, it could be the amounts they have to pay for it,” Shouse said.

According to the NFIB, small businesses are battling inflation on a daily basis and are also uncertain about the future economic situation. The 20% tax deduction, which has been in place for seven years, expires in 2025.

“In 2017, Congress passed some tax cuts that were intended to help small business owners, such as a 20% small business tax deduction,” Shouse said. “Many, many of our members are taking advantage of that, but the program expires in 2025, and so our main focus right now is capital taxation in Washington, DC.”

According to the U.S. Chamber of Commerce, the recoverable benefit of this tax deduction is over $1.4 billion.

“They’re really counting on Congress to do its job and pass the Main Street Tax Certainty Act,” Shouse said. “That’s our number one goal on Capitol Hill and we’ll keep our members here in Oklahoma informed of what’s happening.”

The NFIB encourages Oklahomans to contact their members of Congress and ask them to support the Main Street Tax Certainty Act, which they hope will be passed by year’s end.