Topics:
July 6, 2022 Last Edit: June 5, 2025
Here's a look at legislation that could affect your small business
Key Legislation Takes Effect on July 1
- HB 1002 – Various Tax Matters: Provides $1 billion in tax cuts including a provision that allows for a gradual reduction of the individual income tax rate that will mark one of the lowest in the nation.
- SB 119 – Taxation of Farm Property: Makes new farm equipment and agriculture improvements eligible for local tax abatement.
- SB 262 – Housing Tax Credits (passed in SB 382): Provides for an award of an affordable and workforce housing state tax credit to eligible candidates.
- SB 223 – Venture Capital Investment Tax Credit (passed in part in SB 361): Adds veteran-owned businesses to the list of businesses that would qualify for an enhanced venture capital tax credit.
- SB 361 – Economic Development and Talent Attraction: Updates the state’s economic development incentive options through eligible tax credit programs.
- HB 1094 – Insurance Coverage for Work-Based Learning: Creates new employer liability and worker’s compensation insurance coverage for employers that employ students in work-based learning courses.
- SB 264 – Administrative Rules Review Task Force: Creates a legislative body to review the state’s rule-making procedures to determine where improvements can be made to reduce regulations that impose mandates, penalties, and fines.
- HB 1153 – Worker’s Compensation: Increases benefits for employees without increasing costs to the employer and includes a provision that could save employers costs for ambulatory outpatient care.
- SB 411 – Commercial Solar and Wind Energy: Establishes the framework with respect to wind power projects in local units that voluntarily participate.
- SB 85 – Drainage Task Force: Establishes a task force to assess regulatory matters and submit a report of recommendations based on the findings.
- SB 74 – Preferences in Public Works and Public Purchasing: Provides that a manufacturing business is not a small business if it employs more than 100 persons thereby increasing the number of small manufacturing businesses able to bid on certain project work projects.
- HB 1315 – Film and Media Production Incentives (passed in part in SB 361): Creates a film and media tax incentive under the venture capital investment tax credit provision.
State:
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles
Related
April 23, 2026
NFIB Supports Legislation to Increase the Small Business Deduction to 23%
The Small Business Tax Cut Act would build on the success of Congress making the Small Business Deduction permanent
Read More
Related
April 23, 2026
New Tax Proposal Stalls in Illinois House
NFIB testified against the so-called millionaire’s tax in Illinois that would have disproportionately impacted small businesses
Read More
Related
April 22, 2026
READ: Arizona Small Businesses (Nervously) Await State Tax Conformity Deal Before Session Ends
“The Legislature has done its part. Governor Hobbs should finish the job, now, before one more small business owner has to guess about their future.”
Read More
Related
April 20, 2026
New NFIB Op-Ed in Washington Examiner: Small Businesses Need Relief from Rising Gas Prices
WASHINGTON, D.C. (April 20, 2026) In a new op-ed published in the Washington Examiner, Louis Bertolotti, NFIB Principal of Federal Government Relations, urges …
Read More