Today, January 28, Congressman Derek Schmidt (KS-02) announced that he has cosponsored H.R. 703, the Main Street Tax Certainty Act. This legislation would support small businesses by extending a tax provision that allows them to deduct up to 20% of qualified income. Without Congressional action, this provision will expire at the end of the year.

As of 2023, Kansas was home to 256,287 small businesses, accounting for 99.1% of businesses in the state. These businesses employ roughly 600,000 Kansans, representing nearly half of the state’s working population.

The Main Street Tax Certainty Act is supported by more than 230 organizations, including the National Federation of Independent Businesses, the National Association of Manufacturers, Associated Builders and Contractors, the American Farm Bureau Federation, and the U.S. Chamber of Commerce.