New NFIB Survey Shows Small Business Confidence at Historic Lows
NFIB, or the National Federation of Independent Business here in Nebraska, applauds the Nebraska legislature and Gov. Ricketts for passing and signing important tax relief legislation that would provide small business owners with historic tax cuts.
The governor signed LB 873, a $900 million tax relief package into law – the largest tax cut in state history. This is a major step to provide our already struggling small business owners some relief during this current COVID-19 economic crisis.
The bill reduces small business income tax rates to 5.84% over the next five years. It also provides property tax relief.
“Income tax reform is the best way to get money back into the hands of our small business owners and their employees. Small business owners also appreciate the increased property tax relief,” said Bob Hallstrom, NFIB State Director in Nebraska. “According to NFIB’s latest survey, the number of small business owners who anticipate more favorable economic conditions over the next six months is at the lowest level in NFIB’s nearly 50-year history. Nearly half of small business owners continue to have problems hiring workers. This historic tax package is welcome and will make a big difference for our hard working and job creating entrepreneurs here in Nebraska.”
- Owners expecting better business conditions over the next six months decreased 14 points to a net negative 49%, the lowest level recorded in the 48-year-old survey.
- Forty-seven percent of owners reported job openings that could not be filled, a decrease of one point from February.
- The net percent of owners raising average selling prices increased four points to a net 72%, the highest reading in the survey’s history.