For many South Dakotans, running their own business is part of their American Dream. Small businesses are the backbone of a lot of South Dakota’s communities, whether they are Main Street storefronts or family farms and ranches. I’m proud that this summer, Republicans delivered permanent tax relief for these hardworking Americans – relief that will help small businesses, farms, and ranches thrive and grow for many years to come. This year, Republicans made permanent the progrowth tax cuts that we enacted in 2017. Alongside lower tax rates for all Americans, this bill locks in the lower tax rates for small businesses that we enacted eight years ago. Small businesses, farms, and ranches that operate as pass-through entities will also continue to benefit from the small business tax deduction that our bill made permanent. And these pro-growth tax policies will help free up cash for small businesses, farms, and ranches, to invest in their operations and employees. Then there are the specific investment incentives that are also now permanent fixtures of our tax code. Bonus depreciation for new equipment makes upgrading farm, factory, or office equipment more affordable. As just one example, with bonus depreciation, a farmer can deduct the full cost of a new combine or tractor the year he starts using it rather than over several years. We also made immediate expensing for research and development permanent, a provision that has already had a meaningful impact getting innovative technologies off the ground in South Dakota. And another provision allows full expensing for building new factories and factory improvements, which will help grow manufacturing across the country. Our bill also delivered meaningful relief from the death tax for family-owned businesses, farms, and ranches – something that has long been a priority of mine. We permanently raised the exemption threshold for the death tax to $15 million, which will save a lot of family businesses from this fundamentally flawed tax and the costly estate planning that comes with it. Thanks to this bill, Americans who have worked their entire lives building up their dream won’t have to worry about that dream being sold off or dismantled to settle a tax bill when they pass it on to the next generation. I spend a lot of time with small business owners, farmers, and ranchers in South Dakota. One thing I always hear is concern about the cost of doing business. With permanent tax relief, we’re giving small businesses more breathing room, which helps them grow and create good jobs in South Dakota. We’ve permanently oriented the tax code to support family businesses, farms, and ranches – and that will have a big impact for years to come.