Major Daines Tax Priorities Included in Big Beautiful Bill
U.S. SENATE – U.S. Senator Steve Daines today lauded the inclusion of several of his biggest tax priorities in the Senate reconciliation bill. The Big Beautiful Bill includes Daines’ provision to make President Trump’s 20-percent pass-through business tax deduction permanent, as well as permanency for the New Markets Tax Credit and estate tax relief.
“Making President Trump’s 2017 tax cuts permanent has been one of my top priorities this Congress. My bill, the Main Street Tax Certainty Act, made the small business deduction permanent and prevented a $4.6 trillion dollar tax increase on hardworking Montanans, who will no longer have to worry about uncertainty in the tax code. I’m thrilled to see my provisions pass the U.S. Senate and I’ll always keep fighting for more ways to support Montana businesses and families,” said Daines.
Background:
Daines introduced the Main Street Tax Certainty Act with the support of Leader Thune and a majority of his Republican colleagues in the Senate. The bill makes President Trump’s 20 percent pass-through business tax deduction permanent and prevents a massive tax hike on small businesses. The 20 percent small business deduction, section 199A, levels the playing field between small businesses and large corporations. This is crucial, as small businesses employ over 65 percent of Montana’s workforce and represent 99 percent of all businesses in Montana.
Daines held a press conference last September emphasizing the importance of making these
provisions permanent- read his speech HERE.
In recent weeks and months Daines has made the case for permanency through media interviews- see examples HERE, HERE, and HERE.
Another Daines priority included is the permanent extension of an increased death tax exemption, which will protect Montana’s family farms and ranches from burdensome federal taxes. Daines has been advocating for this since 2019.
Also included in the Senate reconciliation bill is the New Markets Tax Credit, which will spur investment in rural and low-income communities. Lastly, Daines’ provision to eliminate the $200 NFA excise tax on suppressors, short-barreled rifles and short-barreled shotguns was also included- Daines introduced this bill in 2023 and has been fighting for it since.
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Contact: Matt Lloyd, Gabby Wiggins