Mississippi Small Business Victories

victories

  • Small Business Victories in Mississippi
    Helped Pass Inventory Tax Relief  
    • Increased income tax credits for inventory taxes paid from $5,000 to $15,000 in 2015, and to the full amount paid in 2016, including “raw materials” and “work in progress”, and provided a 5-year carry forward provision. 
    • NFIB helped clarify the Freeport Warehouse Tax Exemption on inventory to be sent to locations out of state, saving manufacturers thousands of dollars annually. 

    Reduced State Tax, Penalty, Interest, Audit, and Payment Burdens
    NFIB supported new laws which save many businesses hundreds or thousands of dollars:  
    • Decreased state unemployment tax rates; 
    • Exempted from state sales taxes:
    o Finance and carrying charges (7 percent add-on reduction)
    o Many durable medical equipment sales previously paid by pharmacies and medical equipment retailers (average annual savings of $10,000/business location);  
    o Utilities to manufacturers and certain agricultural businesses ($7 million savings/year)
    • Purchases of truck-tractors & semi-trailers used in interstate commerce ($3.4 million savings/year); levels the playing field for MS’ trucking industry with neighbor states.
    • Reduced certain taxes paid for licenses by restaurants/caterers to sell alcoholic beverages.
    • Reduced the 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.
    • Phased in a reduction of the interest rate on delinquent taxes from 12 percent to 6 percent.
    • Authorized state agencies, in certain cases, to waive or reduce penalties or fines imposed on small businesses.
    • Provided significant tax audit protection with fairer procedures and more affordable appeals 
    • 1,770 small businesses no longer have the cash-flow nightmare of pre-paying $34.8 million in sales taxes.  
    • Businesses can now retain 2% (up to $50 per month) for collecting local & private taxes.

    Helped Pass Historic Workers’ Comp Reform
    NFIB helped pass major workers’ comp reform to reduce costly litigation and restore 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 Small Business Regulatory Review Committee
    A Regulatory Review Committee now reviews and offers more flexible and less costly alternatives to proposed and current state regulations. Gov. Bryant named NFIB/MS State Director as its initial Chairman. It  has already worked with NFIB in helping craft changes in state regulations very advantageous for both child care and cosmetology businesses.

    Preempted Local Governments from Mandating Employers on Labor Issues 
    NFIB helped pass new laws prohibiting local governments from mandating on employers:  minimum wage, living wage or sick leave requirements; any limitation of background checks on employees or job applicants; or any labor agreement requirements, including collective bargaining, or the required use of organized labor in contracts.

    Defeated legislation that would have cost business owners 
    • Stopped MS Dept. 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

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    Contact NFIB in Mississippi

    Mississippi

    ADDRESS:
    3000 North State Street
    Jackson, MS
    39216

    PHONE:
    601-201-1323

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