The One Big Beautiful Bill Puts Main Street First

Last week, President Trump signed the One Big Beautiful Bill Act into law. This bill is going to mean great things for the over 60,000 small businesses across the 7th District. 

First and foremost, this bill avoids a historic tax hike and extends the 2017 Trump tax cuts that allowed America's small businesses to thrive. 

It makes the 20% 199A small business tax deduction permanent. This keeps our small businesses from being hit with a 43.4% tax rate

It increases the small business expensing limit to $2.5 million, allowing for the immediate expensing of domestically conducted research and development (R&D).

It also reinstates 100% Bonus Depreciation permanently. These provisions will allow small businesses to invest in additional equipment and growth.

It protects the gig economy by repealing the disastrous American Rescue Plan Act's 1009-K rule, which reduced the reporting threshold for the use of third-party platforms like Venmo from $20,000 and 200 transactions all the way down to $600 with no minimum transaction requirement.

It increases the 1099-MISC threshold from $600 to $2,000, cutting red tape and reducing the paperwork burden on miscellaneous income like rent, crop insurance proceeds, or prizes and awards.

I am proud of the work my colleagues and I on the House Ways and Means Committee did to protect and support our small businesses with this historic piece of legislation.

Expanding Healthcare Options for Rural Small Businesses

Currently, groups of individuals or small business employers can join together to purchase health insurance coverage under association health plans (AHPs). These have been really helpful for rural communities like ours that are made up of mainly small businesses, but options are limited. 

I cosponsored the Association Health Plans Act to expand health care choices through AHPs by clarifying the treatment of certain association health plans as employers. It provides that a group of employers is treated as a single, large employer to establish an AHP if the group, among other criteria, has been in existence for at least two years before establishing a group health insurance plan, and was formed for a purpose other than offering health insurance.

Protecting Rural FAFSA Applicants

Historically, the net worth of family farms and small businesses were excluded as assets when calculating a student's financial need on the Free Application for Federal Student Aid (FAFSA) form. Last year, provisions of the FAFSA Simplification Act changed the formula and now these assets are included. I do not believe that our rural families should be penalized for the important work they do for their communities, which are disproportionately affected by this change. I cosponsored the Family Farm and Small Business Exemption Act to restore the FAFSA calculation to its historic standard to exempt the value of assets found on family farms and family-owned small businesses from being assessed as part of a family's net worth.

Thank you for reading!

fischbach.house.gov

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