NFIB is encouraged that the governor is looking at reducing the business tax on equipment. It’s among the top items on Governor Holcomb’s 2022 legislative agenda. NFIB has been advocating on this issue for several years and while we have been successful for the most part; there’s still more that can be done. Especially, now that NFIB has the Governor’s backing on this effort.
There’s more good news when it comes to small business and tax cuts. With a projected $5.1 billion surplus, lawmakers are discussing what to do with the unexpected windfall. Some legislators are talking about individual income tax cuts that could reduce state tax collections by hundreds of millions of dollars. The challenge is that we are in a short, non-budget session and reopening it would establish a precedent for doing so in the future. Regardless of how the cards may fall, NFIB will be championing the tax cuts.
Other anticipated key issues for the 2022 legislative session include defending Indiana’s Right to Work law and promoting fair and open competition, opposing expansion of the unemployment insurance system that would result in increased costs to employers, and supporting efforts to address the current labor shortage and supply chain disruptions.
Make no mistake, despite being a short session you can expect it to be jam-packed with many issues impacting your small business so we encourage you to engage early and often. One of the best ways to advocate for your business is to join us for the annual Small Business Day event where you’ll have the opportunity to influence and educate your legislator.