The 2017 Tax Cuts and Jobs Act rang in an era of small business expansion and economic prosperity. The legislation allowed small business owners to keep more money in their pocket rather than being shipped off to Uncle Sam. The result was a wave of new hiring, increasing wages, more generous worker benefit packages, and upgraded facilities—a combination of which triggered the strongest economy in decades.

But now, we’re staring down the barrel of these provisions expiring if Congress doesn’t act. At the end of this year, the immediate expensing provision—which allows small businesses to write off the cost of eligible business purchases in the year that they are made—is set to begin phasing out. This provision provides tax relief for businesses while also incentivizing capital investment and economic activity. The Tax Foundation noted the policy is “probably the single most significant tax change” to increase economic growth.

In 2025, roughly two-dozen other elements of the Tax Cuts and Job Act directly related to income taxes are set to expire. Among them is the rate at which some individuals and pass-through small businesses pay federal income taxes and the 20 percent small business tax deduction. Taken together, these sun-setting policies will be a gut punch to the small business community, which is already facing high inflation, labor shortages, and increasing government red tape.

In short, many small businesses and individuals will experience a tax hike if nothing is done.

Our elected representatives in Washington need to make provisions included in the Tax Cuts and Jobs Act permanent. There’s little time before the expiring policies will start having a depressing effect on the small business community and broader economy.