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Action Alert: Legislature considering cancelling small business tax relief to fund big business tax breaks

02/01/2023 2:15 PM | M.J. D'Smith (Administrator)

Tax Call to Action

We do not ask small business owners to contact Legislators or the Governor unless it is very important and tonight, we have such an ask. 

The Legislature and the Governor are considering and will likely vote in the next day or two on legislation that will cancel $700 million in small business and individual tax relief and use the money to fund tax incentives for a handful of multinational corporations.  

The Income Tax Act has a provision that says that when state general fund revenue goes up 40% faster than inflation, the income tax rate reduces. This is the main tax that small businesses pay.

Well, last year that provision was triggered.

Because of this, as of January 1, 2023, the tax rate was supposed to roll back to 4.05% saving individuals and small businesses $700 million. But the state delayed the reduction in the small business tax rate and is now trying to get votes to cancel the small business tax relief. They are literally cancelling the small business tax relief in an accounting gimmick that puts the money into the fund used for big business tax breaks.  Politicians always say that they support small businesses – but they stand on the verge of proving just the opposite.

Please participate in our call to action by demanding that big business tax breaks not come at the expense of small business owners. 

Take Action Now!

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