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My weekly column: Small businesses keep our communities strong | Representative Randy Feenstra

Published 2 weeks ago4 minute read

Every year, during National Small Business Week, we recognize and celebrate the contributions that our small businesses make to our economy and our communities. From family-owned-and operated enterprises spanning generations to young entrepreneurs pursuing the American Dream, the spirit of hard work, resilience, innovation, and ingenuity is alive in small towns and flourishing cities across Iowa’s 4th Congressional District. It’s why I’ve committed to visiting all 36 counties in our district at least twice each year as part of my 36 County Tour to see firsthand our businesses on Main Street and in our communities.

However, to ensure that our businesses can thrive, Congress must advance policies that support economic growth, job creation, and investment while eliminating unnecessary and burdensome regulations that make operating a business harder than it already is. With risks for business owners coming from all directions, we need to deliver certainty and tax relief for our job creators. As a member of both the House Ways and Means Committee and the House Agriculture Committee, I’m working to enact legislation that fosters an economic environment in which our small businesses can prosper.

The top priority ahead of Congress is to extend and build upon the Tax Cuts and Jobs Act that President Trump signed into law in 2017 but sunsets at the end of this year. Alongside my Republican colleagues on the Ways and Means Committee, we’re working to protect the 20% deduction on qualified business income for small businesses and restore full expensing for equipment purchases and R&D investments. We are also working to deliver death tax relief so that our family farms and family-owned businesses can pass their legacies onto the next generation without incurring a massive tax bill upon the death of a loved one. These pro-growth policies will help free up cash for small businesses to hire new employees, make strategic investments, and support our economy.

Another area of the tax code that we’re exploring to support small businesses is paid family and medical leave (PFML). Providing employees with PFML can help retain a quality workforce and keep young families rooted in rural Iowa, but the cost to small businesses can also be prohibitive. It’s why I introduced legislation to help small businesses offer PFML to their employees without breaking the bank. My bill specifically extends and reforms a tax credit from the Tax Cuts and Jobs Act, which delivered financial relief for small businesses that offered up to 12 weeks of PFML. With just 20% of workers at businesses with fewer than 99 employees having access to PFML, this legislation would be a gamechanger for families, businesses, and workers alike.

I’ve also recently supported legislation to strengthen the small business ecosystem and help businesses get back up when they’ve been knocked down. In February, I joined the full House of Representatives in unanimously approving the Successful Entrepreneurship for Reservists and Veterans Act, which would help our veterans secure the capital and resources that they need to start a business and enhance outreach efforts to veterans who wish to open a business. Last year, I further voted for the Rural Small Business Resilience Act, which would ensure that small businesses, particularly in rural communities, have full access to the financial support that they need after a disaster. Helping our small businesses access disaster assistance, recover as quickly as possible, and keep employees on payroll is crucial to our rural main streets and economic strength.

While passing meaningful policies to support small businesses is crucial, cutting unnecessary red tape is also a key part of the puzzle for business growth and vitality. It’s why I’ve voted to overturn a regulation pushed by the Biden administration to codify expanded enforcement of Section 1071 of the Dodd-Frank Act. This misguided rule would inundate business owners with mountains of paperwork and violate basic privacy protections by requiring community banks to report every detail of every loan they originate. Fortunately, the Trump administration has indicated that it will look at this rule and work to support businesses, not the federal bureaucracy. In the same vein, I also voted earlier this year to repeal the Corporate Transparency Act, which forces businesses to comply with even more complex and unnecessary regulations with the threat of up to $10,000 in penalties absent compliance. Again, the Trump administration stepped in to defend our small businesses by suspending enforcement of these burdensome reporting requirements in March.

Small businesses are the beating heart of our main streets and communities. In Congress, I will continue to work to support our job creators, entrepreneurs, and businesses by getting government out of the way, lowering taxes, and reducing bureaucratic red tape and regulations. This is how we can supercharge our economy and show appreciation to the small businesses that keep our communities vibrant and strong.

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Representative Randy Feenstra
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