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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.
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