The National Federation of Independent Business (NFIB) released a report on April 15 outlining the projected benefits for Wyoming after the federal government made the 20% Small Business Tax Deduction permanent. The organization said this change will affect more than 81,000 small businesses in the state and is expected to bring economic growth and tax savings.
The NFIB report highlights that keeping the deduction could result in about 3,000 new jobs created each year over the next decade. It also projects an annual increase of $169 million to Wyoming’s gross domestic product for ten years, rising to $350 million per year beyond 2035.
Michael Smith, NFIB State Director, said, “The 20% Small Business Deduction helps level the playing field between Main Street and their big box store competitors, allowing small businesses to keep more of their hard-earned money and decide how to reinvest it back into their business.” Smith added, “Instead of facing a massive tax hike, small businesses have long-term tax certainty. Today, Main Street Wyomingites are better positioned to serve their customers, take care of their employees, and support our local communities.”
According to the official website, the National Federation of Independent Business – Wyoming bolsters state communities by supporting the small business sector. The group represents over 1,800 members across Wyoming through advocacy and education efforts. As a member-driven association,it extends its advocacy statewide and engages with legislators on behalf of local businesses.
Since its introduction in 2017, this deduction has allowed qualifying small businesses to deduct up to one-fifth of their income from taxes. Without Congressional action last year it would have expired at the end of 2025. President Trump signed legislation making it permanent on July 4th last year.
Looking ahead,the National Federation of Independent Business continues legislative efforts while providing policy updates aimed at strengthening Wyoming’s business community.
