INDIANAPOLIS – Today, NFIB, or the National Federation of Independent Business here in Indiana, thanks to Todd Rokita, Indiana’s Attorney General, for his efforts to make sure small business owners across Indiana are able to take advantage of the tax cuts that lawmakers are considering right now during Indiana’s legislative session.
Attorneys general from states across the country are questioning Treasury Secretary Janet Yellen over part of the $1.9 trillion American Rescue Plan (ARP) Act that prevents states from using the funds they receive from the law to offset tax cuts. This week, Rokita as one of 21 attorneys general to sign the letter to Yellen, calling the provision “unclear, but potentially breathtaking.” You can read the letter here.
“This is the last thing that small business owners in Indiana need right now. As they try to adjust to a new normal, many are simply trying to survive the pandemic. Right now, lawmakers in Indianapolis are considering changes to the Small Business Personal Property Tax Exemption, which would save our small business owners across the state millions of dollars. An additional 52,000 small businesses would qualify for the exemption and once registered, would no longer have to file a business personal property tax return. Property taxes are a real issue for our small business owners, in fact, in our most recent survey of our members, concern over high property taxes jumped from #8 to #4. This provision in the ARP Act is a real hurdle for small business owners. It would jeopardize efforts by our state lawmakers here in Indiana to provide our small business owners real tax relief during this uncertain and unprecedented time,” said Barbara Quandt, NFIB Sr. State Director in Indiana.
The ARP Act, which was approved by Congress earlier this month, includes $195 billion for states. Also signing onto the letter were Arizona, Georgia, West Virginia. Alabama, Arkansas, Florida, Idaho, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, South Carolina, South Dakota, Texas, Utah, and Wyoming.