Indiana state lawmakers have left small business owners hoping for the full benefits of federal tax cuts in a lurch.
When session gaveled to a close last month, lawmakers ducked out of town before making key changes to the state’s tax code. As a result, according to the Indianapolis Business Journal, small business owners may have to spend more time on their taxes next year.
“The mistake, if not corrected during an upcoming special session, could cost the Indiana business community upwards of $100 million in additional tax preparation costs,” according to the IBJ. “The problem stems in part from the tax reform law Congress passed late last year. State lawmakers planned—as usual—to update Indiana’s tax code to conform with the latest federal changes.”
NFIB/Indiana State Director Barbara Quandt Underwood said there is so much confusion about the this tax bill that a brief special session might be a blessing in disguise.
“The big guys have whole teams to work with this, but the small-business owner usually just has himself or a tax preparer around tax time,” Underwood told IBJ. “That makes it challenging.”
