INDIANAPOLIS – As part of the NFIB, or Small Business Day of the National Federation of Independent Business, NFIB members here in Indiana exchanged views with lawmakers on topics that will help them recover from the COVID-19 pandemic.
Barbara Quandt, NFIB state director in Indiana
“Indiana Small Business Day 2021 has encouraged many of our small business owners across the state. Last year was devastating for many of our Hoosier mom and pop shops, ”said Barbara Quandt, NFIB state director in Indiana. “The COVID-19 pandemic has hit small business owners particularly hard. Many ask the legislature for help when it is difficult for them to recover. Reforming personal wealth tax and making more money available to small business owners hardest hit by the pandemic are two very positive steps that will help our Indiana entrepreneurs recover and get them back on track they do best: create jobs and keep Indiana’s economy going. “
At the top of the list: Existence of SB 336 or reform of the business tax. The reason this issue is so important to small business owners is because small business exemptions can be made based on the current appraisal of personal property, rather than the original purchase price.
That legislation would save small businesses here in Indiana $ 28 million in taxes and the cost and burden of paying a tax advisor to prepare for their return.
During Small Business Day, Senator President Rodric Bray told Indiana small business owners that he expected the legislation to become law this year. The law was passed by the Senate last month.
Senate President Pro Tem Rodric Bray
“It’s always a pleasure to meet our small business community,” said Senate President Pro Tem Rodric Bray. “There is no doubt that you have suffered the aftermath of COVID-19 and my caucus members and I are determined to support you in this session. To this end, we were pleased to pass the Senate Enrolled Act 1, which has already been incorporated into law, to provide liability protection against frivolous lawsuits aimed at holding companies accountable for the spread of COVID-19. We were also pleased to introduce changes to business tax in Senate Bill 366, which bases the exemption on the current value of the property rather than the purchase price. As the session progresses, we will continue to work with our colleagues in the house to ensure we are doing everything we can to support small businesses across Hoosier State. “
Small business owners were also reassured to hear from House spokesman Todd Huston, who expressed his support for HB 1004, which will provide an additional $ 30 million to small business owners devastated by the COVID-19 pandemic Would provide.
House Speaker Todd Huston
“Small business owners across the state, particularly in the hospitality industry, continue to struggle to keep up their business due to the devastating effects of COVID-19,” said House spokesman Todd Huston. “Our legislation would expand and strengthen Indiana’s existing small business grant program to help employers and our economy recover.”
Rep. Terri Austin also joined small business owners as they spoke about the importance of broadband expansion in rural Indiana. Austin supports NFIB-sponsored Bill SB 377, which established the Indiana Broadband Expansion Fund for the deposit and distribution of federal broadband funds.
Small Business Day is an opportunity for our small business owners to speak to their lawmakers and let them know about the topics that are really important and that they are passionate about. Indiana small business owners thanked Rep. Huston and Sen. Bray for enacting important liability reform to protect them from frivolous COVID-19-related lawsuits. They also encouraged lawmakers to pass SB 377, which would extend broadband to underserved areas in Indiana, and HB 1152, which would tighten protection against unemployment fraud.