In Case You Missed It, Watch Here!
South Dakota’s 2023 legislative session was a huge victory for small business owners. Hear from NFIB State Director Jason Glodt about what NFIB has been doing to advocate for small business owners in Pierre!
Sen. Casey Crabtree and Sen. Kyle Shoenfish joined our small business owners to talk about the importance of job creators here in South Dakota. Both said they appreciate what you to do to keep the economy running.
Here is a recent update from NFIB State Director Jason Glodt about the victories small business owners say during South Dakota’s 2023 legislative session!
South Dakota consistently ranks as one of the most business-friendly states in the nation for good reason. We have no corporate or personal income tax, fewer government regulations, and fewer red tape and burdensome government regulations than some of our other surrounding states. South Dakota has one of the lowest state tax burdens in the nation, a growing workforce, and a work ethic second to none. Business is good in South Dakota and it got even better after the 2023 Legislative Session.
This year, the Legislature and Governor implemented the largest tax cut in the history of South Dakota by reducing the state sales tax from 4.5% to 4.2%. The tax cut will result in about $500 million in tax savings over the next four years. Lawmakers also reduced the unemployment insurance trust fund taxes for businesses by $18 million annually. These tax cuts will benefit all small businesses and taxpayers in our state.
However, as South Dakota’s economy grows, so do workforce challenges. According to the latest survey from the National Federation of Independent Business, which represents thousands of small business owners across South Dakota, the optimism for the future remains well below the 49-year average. Inflation is the biggest issue, although hiring workers is another big concern.
This year, the Legislature and Governor approved $200 million in infrastructure dollars to be spent on workforce housing grants and incentives. In addition, the Legislature passed the Governor’s occupational licensing reciprocity bill. Our state will now accept out-of-state licenses for nearly every profession to make it easier for workers from other states to get a job in South Dakota.
As the voice for small business, the National Federation of Independent Business applauds these legislative accomplishments. Not only did the Legislature pass business-friendly bills, but they also defeated numerous pieces of legislation that would have increased taxes or regulations that would have been burdensome and costly for small businesses.
As we know, small businesses are the backbone of the economy and thanks to a legislature that understands the importance of our job creating entrepreneurs, South Dakota has one of the strongest economies in the nation and will continue to lead the charge when it comes to protecting and supporting its small business owners.
