NEW ULM, MN – Today, Congressman Brad Finstad (MN-01), member of the House Committee on Small Business, hosted a roundtable discussion in Mankato with local small business owners to discuss legislation he has introduced to empower southern Minnesota small businesses and hear firsthand the positive impacts local businesses are experiencing from tax provisions within the Working Families Tax Cuts.
During the roundtable, Congressman Finstad highlighted legislation he has introduced to give small business greater representation at the federal level; the White House Conference on Small Business Act and the Prove It Act. He also discussed the House-passed Save SBA from Sanctuary Cities Act, which would better ensure Small Business Administration (SBA) resources benefit small businesses and rural communities by removing and relocating SBA offices from jurisdictions with sanctuary policies.
“At today’s roundtable, I heard firsthand from small business owners in southern Minnesota how the Working Families Tax Cuts are making a real difference. By cutting red tape, giving job creators the freedom to invest and hire, and expanding access to the capital they need to grow, these tax cuts are empowering Main Streets here in our backyard and across the country,” said Rep. Finstad. “As a member of the House Committee on Small Business, I’m proud to be a voice in Washington for our small business owners. Conversations like those that we had today play a valuable part in the work I’m doing in Congress to advance pro-growth policies that are putting small businesses on a level playing field and giving them the tools they need to thrive.”
“The U.S. Chamber of Commerce thanks Rep. Finstad for his leadership on reducing red tape that is a hidden tax on small businesses. The Prove It Act holds federal agencies more accountable for any costs caused by unnecessary or duplicative red tape that bury small businesses and prevent entrepreneurs from reinvesting in growth through salary and benefit increases for employees, new technology, and firm expansion.” – John Kirchner, Vice President of Government Affairs, U.S. Chamber of Commerce
“NFIB thanks Representative Finstad for meeting with small businesses in the Mankato area and for his work to provide vital tax certainty and regulatory relief for Minnesota small businesses. Today, local small business owners shared the benefits they are seeing from making the 20% Small Business Deduction permanent through the Working Families Tax Cuts, including them now being able to make investments back into their workforce through raises and bonuses, capital investments, and increased investments in their communities. Small business owners also thanked Representative Finstad for being a champion for them in Congress and for leading the charge to rein in burdensome federal government regulations.” – Jonathan Boesche, Minnesota State Director, National Federation of Independent Business
“Thanks to the pro-growth tax policies of H.R. 1, manufacturers in Minnesota and across the country are ready to reach new heights. With his vote for this historic legislation, Congressman Finstad took action to secure a permanent tax code that empowers small businesses – the backbone of America’s communities. The NAM looks forward to continuing to work with Congressman Finstad to modernize regulations, unleash American energy and grow our workforce so we can drive growth and innovation for generations to come.” – Stef Webb, Managing Vice President of Government Relations, National Association of Manufacturers
Background:
The U.S. House of Representatives passed, and President Trump signed into law, H.R. 1, the Working Families Tax Cuts, historic legislation that unleashes economic growth for southern Minnesota families, farmers, and small businesses.
Congressman Finstad was proud to give his strong support for this once-in-a-generation legislation that delivers real, long-term reform for small businesses by:
- Making permanent the 199A small business deduction, supporting the cooperative system, creating over one million new Main Street small business jobs, and generating hundreds of billions of dollars in economic growth;
- Increasing the 1099-MISC threshold for small businesses, reducing paperwork and burdens on business owners;
- Extending Section 168(k), allowing the full and immediate expensing of qualifying business expenses;
- Establishing a Rural Qualified Opportunity Fund to expand opportunity zones and invest in rural communities; and
- Doubling the small business expensing limit to $2.5 million, allowing Minnesota small businesses to invest in their operations.
