New Tools for Texas Small Businesses

News Summary

The National Federation of Independent Business has introduced two digital tools to support Texas small businesses. An interactive map visualizes the potential impact of the 20% Small Business Tax Deduction, showing potential job creation and GDP growth. A tax calculator helps business owners anticipate changes in federal income taxes as the expiration of this deduction nears. With an estimated loss of 200,000 jobs and a $12.5 billion GDP reduction possible, the tools are crucial for business planning. The NFIB also supports new legislation providing tax relief to millions of small business owners.

Texas – The National Federation of Independent Business (NFIB) has introduced two digital tools designed to demonstrate the economic implications of the 20% Small Business Tax Deduction for small business owners, policymakers, and the public in Texas. These tools—a detailed interactive map and a user-friendly tax calculator—aim to clarify the potential benefits of extending this tax deduction for the state’s economy.

The interactive map notably illustrates the expected job creation and growth in gross domestic product (GDP) generated by the deduction across various congressional districts in Texas. The NFIB’s findings indicate that extending the Small Business Tax Deduction could result in the creation of over 200,000 jobs and an increase of $12.5 billion in GDP over the next decade. This significant economic uplift highlights the importance of the deduction for local business prosperity and overall state health.

Moreover, the accompanying tax calculator serves as a vital resource for small business owners. It allows them to estimate federal income tax increases they may encounter in 2026 if the deduction is not made permanent. A specific scenario presented demonstrates how a Texas small business owner earning $75,000 with qualified business income of $150,000 could face a tax hike exceeding $13,000 if the deduction were to expire.

In light of these potential tax implications, NFIB State Director Jeff Burdett has emphasized that neglecting to extend the deduction would not only precipitate substantial tax hikes for millions of small businesses but also lead to job losses and foster economic uncertainty across the state. The tools aim to empower local business owners and policymakers alike to advocate effectively for the deduction’s permanence, ultimately supporting the growth and sustainability of small businesses throughout Texas.

In related developments, the NFIB has commended the U.S. House for passing the One Big Beautiful Bill Act. This legislation is anticipated to offer tax relief to over 33 million small business owners across the nation, aligning with the NFIB’s goals to ensure favorable economic conditions for small businesses.

The release of the interactive map and tax calculator is part of the NFIB’s broader initiative to provide transparency and helpful resources for local business owners striving to navigate their tax obligations. The NFIB’s tools are comprehensive and designed to offer clarity amidst the complex tax landscape, particularly concerning the Small Business Tax Deduction.

To utilize the interactive map and tax calculator, individuals can visit www.SmallBusinessDeduction.com and gain insights into both the current economic landscape and the potential impacts of tax policy decisions on small businesses throughout Texas.

As the discussion around tax regulations and small business support progresses, the NFIB’s commitment to advocating for favorable tax policies remains steadfast, seeking to foster an environment in which small businesses can thrive and contribute significantly to the state and national economies.

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• Dallas News: Texas Small Businesses Deserve a Break from Peculiar Property Tax
• Business.com: Why Start a Business in Texas?
• Spectrum News: HB-9 Small Business Tax Relief
• Wikipedia: Taxation in the United States
• Google Search: Texas Small Businesses Tax Relief
• Google Scholar: Texas Small Businesses Taxation
• Encyclopedia Britannica: Business Tax
• Google News: Texas Small Businesses Taxes