Insurance mandates and taxes are two hot-button issues on the ballot this year.
North Carolina Small Biz Issues in 2015
The North Carolina General Assembly convened on Jan. 28, and two issues small business owners should look out for as the year’s political agenda comes to a start are taxes and insurance mandates.
Tax reform. Governor Pat McCrory and the legislature have been successful in reducing taxes in the state since January 2013, particularly for individuals and large corporations. The corporate income tax rate was cut from 6.9 to 6.0 percent in 2014, and is scheduled to fall to 5.0 in 2015. According to budget analysis from the Cato Institute , tax cuts saved North Carolina residents $700 million annually, or 3 percent of state tax revenues.
NFIB will continue to push for additional tax reductions for small businesses and oppose new taxes. “Our position first and foremost is no new taxes, but if additional taxes are considered, the legislature must be fair to all sizes and types of businesses,” said Gregg Thompson, NFIB’s North Carolina state director.
NFIB is particularly looking to get the legislature to reinstate a tax deduction for small businesses, which if passed, there would be no tax on the first $50,000 of income for businesses grossing $400,000 or less. A similar bill was passed, but soon repealed in 2011.
Insurance. In the last session, 11 insurance mandates were introduced, which if passed, would have increased the price of health insurance for small businesses. NFIB opposes any new insurance mandates and is working to repeal some of the 56 mandates that are already in place.
The best way for small business owners to have an impact is to contact their own legislators directly, says Thompson. You can also contact the state NFIB office “to volunteer to testify in a committee, organize a group of colleagues to visit legislators, participate in all NFIB issue activities and encourage their small business neighbors to join NFIB in order to speak loudly and forcefully with a large state membership,” he says.
Which issue are you most concerned about your business? Tell us in the comments section below.