Nicole Wolter: “Big Beautiful Bill” helps my small business

Changes to the federal tax code are blowing into the Windy City, and that is good news for some small businesses like mine. Passed as part of Donald Trump’s “One Big Beautiful Bill Act,” pro-growth policies build upon the previous tax cuts legislation passed through Congress in 2017.

The legislation makes the 20% small business tax deduction permanent and locks in lower rates for pass-through small businesses that were set to expire. (These are enterprises in which business revenue is taxed as the owner’s personal income.)

Beyond tax savings, which can be reinvested back into job creation and worker benefits, the law provides what Main Street needs most: certainty. With tax savings now locked in, entrepreneurs can plan for the years ahead — making long-term investments that will help to shape communities for decades to come.

But what truly sets this law apart is the restoration of full and immediate expensing for capital equipment. This provision is a game changer for my company.

We’re now moving forward with a $645,000 investment in new machining equipment that will allow us to take on more complex projects, many of which have recently been reshored from overseas. These new capabilities are about staying ahead of the curve in a fast-moving industry.

With these new machines comes new jobs. To support this expansion, we’re planning to hire five team members: three skilled machinists, a shipping specialist and a receiving specialist.

There are roughly 230,000 small and mid-sized manufacturing businesses like mine across the country. If even a fraction of them take similar steps in response to this law, the impact on American manufacturing, job creation and technological competitiveness could be enormous.

In fact, a similar provision in the 2017 law, which expired years ago, preceded the single largest monthly purchase of metalworking machinery since the 1990s.

By restoring immediate expensing and providing lasting tax relief for small businesses, the “One Big Beautiful Bill” lays a solid foundation for a true manufacturing resurgence.

Nicole Wolter is president and CEO of HM Manufacturing, a power transmission components provider in Wauconda. She is also a partner of the Job Creators Network Foundation.