15 hours ago
RAPID CITY, S.D. (KOTA) - Senate Majority Leader John Thune recently took to the Senate floor to share positive feedback from South Dakota business leaders about the Big Beautiful Bill.
Thune spoke late last month to highlight testimony he received from a roundtable discussion he attended in Sioux Falls. He referenced comments from various businesses, including Agtegra Cooperative CEO Paul Forst, who praised the small business tax deduction made permanent by the bill. This policy allows many small business operators to deduct up to 20 percent of their qualified business income from their federal income taxes.
“He said his cooperative has passed more than $100 million in 199A benefits directly to South Dakota farmers since the deduction was created in 2017. The farmers have invested those savings into equipment, infrastructure, and jobs,” said Thune.
Thune also highlighted the bill’s provision eliminating federal taxes on tips and overtime, sharing testimony from Melissa Johnson, owner of Oh My Cupcakes in Sioux Falls.
“Melissa Johnson said of her employees, ‘With the no tax on tips and no taxes on overtime, it has already resulted in my employees having higher tax refunds so that they can buy things they need for their families. My head chef just bought a baby crib because of her higher refund… It’s really affected my team in positive ways,’” Thune stated.
Additionally, Thune noted the bill made permanent and increased the elevated exemptions on estate tax, which were originally doubled in 2017. The legislation passed last year allows individuals to exempt $15 million of passed-down assets from income tax, with the exemption doubling to $30 million for couples. Thune emphasized that this provision protects family-owned businesses in South Dakota from devastating taxes when future generations take over.
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