2013/2014 wins for small business
The 60th Utah State Legislature adjourned March 13, 2014. Below are some of big victories for small business during the two-year session.
Stopped Mandatory Minimum Wage Increase
NFIB stopped a bill that would have increased the minimum wage rate in Utah to $10.25 an hour and would have tied future increases to the Consumer Price Index every year after. If the CPI went down, however, the minimum wage would stay the same.
Lowered Unemployment Insurance Tax Rate by 2 Percent
Since 2012, NFIB was instrumental in lowering the rate from 9.4% down to 7.4% and was able to maintain the reduction for this year. This gives incentives to business owners to grow and invest more in their business and employees.
Lowered the Tangible Personal Property Tax
NFIB helped create an exemption for purchases of $1,000 or less and eliminated the tax for businesses with $10,000 or less of business personal property
Defeated Proposed Increases in Gas and Water Taxes
NFIB helped defeat measures to increase the sales taxes on gasoline and water. Proposed increases were stopped in their originating committees thanks to intense lobbying from NFIB.
Stopped Plan to Broaden Sales Tax
NFIB stopped the extension of sales tax to additional services, such as bookkeeping, haircuts, and legal fees.