Victories
Reduced State Tax Penalties, Payment Burdens, and Helped Pass Inventory Tax Relief
NFIB supported new laws which save many businesses hundreds or thousands of dollars:
- Decreased state unemployment tax rates
- Reduced the maximum penalty imposed on delinquent state taxes from 50 percent to 10 percent. For every $1000 in delinquent taxes owed, this penalty reduction saves a business owner $400
- Phased in a reduction of the interest rate on delinquent taxes from 12 percent to 6 percent
- Businesses can now also retain 2% (up to $50 per month) for collecting local sales taxes
- Increased income tax credits for inventory taxes paid from $5,000 to $15,000 in 2015, and to the full amount paid in 2016, including “raw materials” and “work in progress,” and provided a 5-year carry forward provision
Helped Pass Historic Workers’ Compensation Reform
NFIB helped pass major workers’ compensation reform to reduce costly litigation and restore a fair and impartial interpretation of the law, an apportionment for pre-existing conditions, stronger measures for drug/alcohol use requiring medical records to support a court claim, and preventing payments to attorneys on benefits voluntarily paid.
Established and Made Permanent a Small Business Regulatory Review Committee
A regulatory review committee now reviews and offers more flexible and less costly alternatives to proposed and current state regulations. Gov. Bryant named the NFIB/Mississippi State Director as its initial chairman.
Helped Pass the Taxpayer Pay Raise Act of 2016, Saving Business Owners Millions of Dollars
- Phases in the deductibility of one-half of federal self-employment taxes for state income tax purposes
- Phases out the state franchise tax on business capital
- Phases in a decrease of state income taxes for individuals and businesses
Small Business Relief for Local Taxation of Business Furniture, Fixtures, Equipment & Inventory
NFIB supported a new law requiring that the county tax assessor accept the accuracy and value of the business personal property list provided by a small business unless reason to believe otherwise.
Challenges
Exempt the First $20,000 of the Business Personal Property Tax
This provision would save businesses an estimated $29 million annually.
Limit Premises Liability
- Provides businesses greater legal protection from costly premises liability lawsuits
Provide Needed Taxpayer Relief
- Give the state Department of Revenue authority to settle claims against taxpayers for lesser amounts
- Require a higher standard of evidence when imposing liability on businesses for sales taxes
- Place a time limit for state tax liens against a taxpayer’s property similar to the IRS
