Here's a look at legislation that could affect your small business
NFIB’s primary push during the 2022 Indiana legislative session was to “do no harm” to small businesses and the message was received by lawmakers. As small business owners continue to face stiff economic headwinds that threaten their economic recovery, NFIB was glad to see the Legislature enact policies that would reduce taxes, reject new burdensome mandates, and foster economic development.
New legislation impacting the small business community:
- HB 1002 – Various Tax Matters: Provides $1 billion in tax cuts including a provision that allows for a gradual reduction of the individual income tax rate that will mark one of the lowest in the nation.
- SB 119 – Taxation of Farm Property: Makes new farm equipment and agriculture improvements eligible for local tax abatement.
- SB 262 – Housing Tax Credits (passed in SB 382): Provides for an award of an affordable and workforce housing state tax credit to eligible candidates.
- SB 223 – Venture Capital Investment Tax Credit (passed in part in SB 361): Adds veteran-owned businesses to the list of businesses that would qualify for an enhanced venture capital tax credit.
- SB 361 – Economic Development and Talent Attraction: Updates the state’s economic development incentive options through eligible tax credit programs.
- HB 1094 – Insurance Coverage for Work-Based Learning: Creates new employer liability and worker’s compensation insurance coverage for employers that employ students in work-based learning courses.
- SB 264 – Administrative Rules Review Task Force: Creates a legislative body to review the state’s rule-making procedures to determine where improvements can be made to reduce regulations that impose mandates, penalties, and fines.
- HB 1153 – Worker’s Compensation: Increases benefits for employees without increasing costs to the employer and includes a provision that could save employers costs for ambulatory outpatient care.
- SB 411 – Commercial Solar and Wind Energy: Establishes the framework with respect to wind power projects in local units that voluntarily participate.
- SB 85 – Drainage Task Force: Establishes a task force to assess regulatory matters and submit a report of recommendations based on the findings.
- SB 74 – Preferences in Public Works and Public Purchasing: Provides that a manufacturing business is not a small business if it employs more than 100 persons thereby increasing the number of small manufacturing businesses able to bid on certain project work projects.
- HB 1315 – Film and Media Production Incentives (passed in part in SB 361): Creates a film and media tax incentive under the venture capital investment tax credit provision.
For more information on what these new laws, please visit: http://iga.in.gov and use the search menu to look up the bills provided in this summary.