Indiana small business owners want tax reform to help with pandemic recovery
(The Center Square) – Indiana lawmakers already have taken steps to help the state’s small businesses survive and recover during the ongoing COVID-19 pandemic, but business owners are looking for more help.
As part of the National Federation of Independent Business’ Small Business Day, Indiana members met with lawmakers Wednesday, urging more funding and tax reform in an effort to keep the Hoosier economy moving forward.
“Indiana’s 2021 Small Business Day was encouraging to many of our small business owners across the state. This past year has been devastating to many of our Hoosier mom and pop shops,” said Barbara Quandt, NFIB state director in Indiana. “The COVID-19 pandemic has hit small business owners especially hard. Many are looking to state legislators for help as they struggle to recover.”
Small business owners pushed lawmakers for business personal property tax reform, which would allow the state’s small business exemption to be based on the property’s current assessed value rather than the original purchase price.
NFIB estimates the change could save Indiana small businesses $28 million in taxes and the expense of paying a tax professional to prepare returns.
Indiana Senate President Rodric Bray, R-Martinsville, told business owners the bill passed the Senate in February, and he expects it to pass the House be signed by Gov. Eric Holcomb.
Lawmakers passed legislation earlier in the session that gives businesses COVID-19 liability protections from lawsuits, Bray said.
“It’s always a pleasure to meet with our small business community,” Bray said. “There’s no doubt they have suffered due to consequences of COVID-19, and my caucus members and I are dedicated to providing support for them this session. As the session moves forward, we will continue to work with our colleagues in the House to make sure we are doing all we can to support small businesses across the Hoosier state.”
House Speaker Todd Huston, R-Fishers, also told the group House Bill 1004, which, if passed, would make another $30 million available to small business owners struggling through the pandemic.
“Small business owners across the state, especially those in the hospitality industry, continue to struggle to keep their operations going due to the devastating impacts of COVID-19,” Huston said. “Our legislation would extend and strengthen Indiana’s existing small business grant program to help employers and our economy bounce back.”
HB 1004 passed the House and is in the Senate Appropriations Committee.
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