Small Business Victories in Mississippi
Helped Pass Inventory Tax Relief
Increased income tax credits over the next 4 years for inventory taxes paid from $5,000 to the full amount paid, including “raw materials” and “work in progress” items. This law added a new 5-year carry forward provision. NFIB also helped clarify the Freeport Warehouse Tax Exemption on inventory to be sent to locations out of state, saving manufacturers thousands of dollars annually.
Helped Pass Historic Workers’ Comp Reform
NFIB helped pass the first major workers’ comp reform since 1992. It should reduce costly litigation by restoring a fair and impartial interpretation of the law, an apportionment for pre-existing conditions, stronger measures for drug/alcohol use, requiring medical records to support a court claim, and preventing payments to attorneys on benefits voluntarily paid.
Established a Regulatory Review Committee
A Regulatory Review Committee will now review and offer more flexible and less costly alternatives to proposed and current state regulations. Also, in some circumstances, state agencies are now authorized to waive or reduce penalties or fines imposed on a small business. Gov. Phil Bryant named NFIB/Mississippi State Director Ron Aldridge as chairman.
Reduced Excessive Tax Penalties
NFIB supported a new law which reduced the current maximum penalty imposed on delinquent state taxes from 50 percent to 10 percent. For every $1000 in delinquent taxes owed, this penalty reduction saves a business owner $400.
No More Accelerated Tax Payments for Small Businesses
As a result of NFIB’s efforts, about 1,770 Mississippi small businesses will no longer have to pre-pay $34.8 million in tax payments and thereby avoid an annual cash-flow nightmare. In addition, the new law allows businesses to retain 2% (up to $50 per month) for collecting local & private taxes.
Stopped Local Governments from Mandating Wages or Benefits
NFIB helped pass two new laws which prohibit local governments from setting minimum wages, living wages or sick leave requirements and mandating them for employers.
Defeated legislation that would have cost business owners
Stopped the Mississippi Department of Revenue sales tax permit bill requiring an initial $500 upfront fee (to apply as a credit toward tax payments) for a sales tax permit and a burdensome annual permit and fee thereafter of $30
Defeated several costly health insurance mandates