Group Says SB 443 Provides Tax Relief to Indiana Small Biz – RVBusiness – Breaking RV Industry News
INDIANAPOLIS, Ind. – National Federation of Independent Business (NFIB) Indiana State Director Natalie Robinson testified Tuesday (Jan. 28) supporting SB 443, the Business Personal Property Tax, according to a release. The legislation increases the acquisition cost threshold for the business personal property tax exemption and phases down the minimum valuation percentage over a three-year period. Senators. Aaron Freeman and Chris Garten authored the legislation.
“Indiana’s small businesses welcome any financial relief from the General Assembly and support Senate Bill 443,” said Robinson. “Small business owners are reporting higher confidence surrounding the economy, and this type of legislation will further bolster their confidence. We thank Senator Freeman and Senator Garten for authoring this bill and prioritizing Main Street.”
NFIB highlights three main positive impacts the legislation would have on Indiana’s small businesses:
Increased Exemption Threshold
The bill proposed an increase in the exemption threshold from $80,000 to $160,000 for the acquisition cost of a taxpayer’s total business personal property in a county. This adjustment can significantly benefit small businesses by potentially exempting more of their property from taxation. This reduces the tax burden on small businesses that typically have lower capital expenditures compared to larger enterprises. This could lead to increased capital availability for reinvestment in business growth, workforce expansion, or other operational enhancements.
Economic Competitiveness
By alleviating the tax burden on small businesses, Indiana strengthens its economic competitiveness. Small businesses are often termed the backbone of the economy, and reducing financial pressures stimulates entrepreneurship and innovation. This bill supports this notion by making Indiana a more attractive place for starting and growing businesses.
Decreased Minimum Valuation Percentage
By gradually reducing the minimum valuation percentage to zero by 2027, the bill aligns the taxable value of business personal property closer to market value. Although this change might primarily impact larger scale businesses with significant personal property, small businesses can benefit indirectly through potential decreases in overall property tax rates within their jurisdictions.
About NFIB
For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.
