Small Businesses Unscathed in This Year’s Legislative Session

May 5, 2023

Small Businesses Unscathed in This Year's Legislative Session

The Mississippi Legislature didn’t spend a lot of time on small business issues in the session that ended on April 2. “Overall, it was a quiet session, which is good news for our members,” NFIB State Director Dawn McVea said. “Luckily, we have a governor and legislature who understand the crucial role that small businesses play in the growth of the Mississippi economy. “We successfully defeated bad proposals such as minimum wage increases and mandates for paid leave benefits,” she said. “We understand that small businesses cannot afford higher labor costs and need to have the flexibility to offer compensation and benefits that work best for their companies and employees.” Probably the best outcome of the session for small businesses was the passage of the full expensing legislation, McVea said. “This legislation allows businesses to take the full deduction for capital investment made in the current year, rather than spreading it over multiple years. This will simplify tax filing and provide businesses with immediate tax benefits from their investments, allowing them to expand their capacity. “Mississippi is a leader on this, as the only other state to put full expensing into its tax code is Oklahoma,” she said. “We’re proud to have supported it on behalf of our members.” NFIB also supported important legislation regarding the taxation of software and software services. There was an effort underway by the Department of Revenue to broaden the definition, which would have created a compliance headache for small businesses and increased taxes. “Overall, small businesses were not harmed during the legislative session, and we consider that a win,” McVea said. NFIB will release its 2022-23 voting record in the coming weeks, she said.

Topics:

Uncategorized

State:

Mississippi

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