Here's a look at some of NFIB/Mississippi's victories during the 2012 legislative session:
Inventory tax relief
- Senate Bill 2934 increases the state income tax credit for inventory taxes paid from the current $5,000 to $10,000 in 2014, to $15,000 in 2015, and in 2016 and beyond to the lesser of the amount of state income taxes owed or the amount of inventory taxes paid. Each $5,000 of credits is estimated to be $7 million in savings to Mississippi businesses.
Workers' compensation reform
- S.B. 2576, a historic, comprehensive workers’ comp bill that will bring a safer workplace and fairness and balance back to Mississippi’s workers’ compensation system, will become effective July 1, 2012, and apply to all workplace injuries occurring on or after July 1.
Small Business Regulatory Review Committee
- S.B. 2398 establishes a volunteer committee comprised of 12 small business owners throughout the state. NFIB/MS is identified as one of the nominators of potential committee members chosen by the governor, lieutenant governor and House speaker. The committee's job will be reviewing proposed and current state agency regulations that affect small businesses to see assess their economic impact.
Attorney General Sunshine Act
- House Bill 211 gives state agency heads flexibility in the hiring of outside counsel under certain defined circumstances and it also brings transparency to the Attorney General’s process of hiring outside counsel on a contingency fee basis. It also requires the disclosure of attorney retention contracts, and includes protections insuring that the attorney fees paid for representing the state in major litigation are both transparent and appropriate.
Veto of bill to allow the Revenue Department to close a business without due process
- At the request of NFIB/Mississippi, Gov. Phil Bryant vetoed S.B. 2675, which authorized the Department of Revenue (DOR) to padlock a business without due process to owners for failing to file or nonpayment of taxes. The DOR can currently close a business after seeking judicial approval.
Freeport warehouse tax exemption
- S.B. 2342 clarified a current tax benefit given warehouse facilities that stored manufactured goods in transit to locations outside Mississippi so that Mississippi manufacturers could also now receive the annual ad valorem tax exemption in their own warehouse facilities for similar goods in transit, thus saving our state’s manufacturers thousands of dollars annually.
Limited liability for agritourism businesses
- S.B. 2439 limits the liability of those business owners classified as providing Agritourism activities for injuries sustained by participants resulting from inherent risks of such activities. The act provides a required “warning” to such participants and will save such businesses significant insurance and otherwise potential court-related lawsuit costs.
Extension of worker-training income tax credit
- S.B. 2609 extends for four additional years (thru July 1, 2016) the current 50 percent income tax credit for approved skills training provided by employers for employees.
Small-business representation on health insurance exchange board
- S.B. 2586 gives the state insurance commissioner authority to appoint a small business representative of companies with fewer than 100 employees to the board of directors of the Mississippi Comprehensive Risk Pool Association, which is the vehicle to oversee the establishment and future operation of a possible health insurance exchange. Insurance Commissioner Mike Chaney appointed NFIB/Mississippi State Director Ron Aldridge to a 3-year term.
Self-employment assistance program to help the unemployed
- NFIB/Mississippi was the prime proponent of a new Self-Employment Assistance Program (S.B. 2604) under the Department of Employment Security. It will allow an eligible unemployment benefit recipient, while receiving entrepreneurial training, to create their own job as well as a new taxpaying business versus possibly remaining unemployed.