When we went to press, the 2022-23 state budget remained unfinalized despite the constitutional June 30 deadline. As the final details are being worked out by the General Assembly, NFIB is working hard to ensure they do not saddle business owners with additional taxes, fees, or mandates. We remain confident that not only will the small business community not see any additional costs or burdens, but instead will finally see some meaningful reforms.
NFIB continues to request the following reforms be included in the final state budget package:
- Section 179 Expense Deductions
- Like-Kind Exchanges
- Repeal of Accelerated Sales Tax Prepayments
- Reduce the Corporate Net Income Tax
- Ensure Fiscal Stability in the Unemployment Compensation Trust Fund to prevent future cost escalation
Once the final state budget is passed, NFIB staff will provide more details and information on its impacts to the business community.
