## Is Your Business Losing Money Every Year? You Might Be Eligible for a Big Break 💰
You work hard for your business. You pour your sweat, your time, and your resources into building something great. But are you getting everything you’re entitled to?
Right now, there’s a critical opportunity to save big on taxes – but only if you act fast. The NFIB is fighting for a critical exemption on business personal property taxes, and it could mean thousands of dollars back in your pocket. Read on to discover if you qualify, and how to make sure you don’t miss out on this potentially game-changing relief.Take Action on the Business Personal Property Tax Exemption – NFIB
Senate Bill 443 aims to provide significant relief to small business owners in Indiana by increasing the acquisition cost threshold for the business personal property tax exemption and phasing down the minimum valuation percentage over a three-year period. This legislation has the potential to reduce the financial burden on small businesses and create a more favorable business climate.
Increased Acquisition Cost Threshold
The legislation sets a higher threshold for the acquisition cost of business personal property, reducing the likelihood of businesses being subject to taxation. This change is expected to benefit small businesses with lower acquisition costs, allowing them to retain more of their hard-earned profits.
For example, if a business purchases $10,000 worth of equipment, the new threshold would reduce the tax liability by $5,000, resulting in a $5,000 increase in profit margins.
Phased Down Minimum Valuation Percentage
Over a three-year period, the minimum valuation percentage is phased down, providing even more relief to small business owners and reducing the financial burden.
For instance, if a business has a valuation of $100,000, the minimum valuation percentage would be phased down from 100% to 50% to 25% over the three-year period, resulting in a significant reduction in tax liability.
Implementation and Timeline
NFIB will continue to work with state lawmakers to ensure a smooth implementation of Senate Bill 443, minimizing disruptions to businesses and ensuring a positive impact on the economy.
With careful planning and coordination, businesses can take advantage of the new exemption threshold and reduced tax liability, leading to increased profitability and competitiveness.
What You Can Do
NFIB urges small business owners to take action and support Senate Bill 443 by contacting their state senator and expressing support for the legislation.
Contact Your State Senator
Reach out to your state senator via phone, email, or in-person meeting to express your support for Senate Bill 443. Your voice matters, and your senator needs to hear from you.
- Phone: Call your state senator’s office to express your support for the bill.
- Email: Send an email to your state senator’s office with your support for Senate Bill 443.
- In-Person: Schedule a meeting with your state senator to discuss the bill and express your support.
Share Your Story
Share your personal experiences with NFIB’s staff and state lawmakers, highlighting the challenges and benefits of the business personal property tax exemption.
By sharing your story, you can help educate lawmakers about the impact of Senate Bill 443 on small businesses and demonstrate the need for this legislation.
Stay Informed
Stay up-to-date with the latest developments on Senate Bill 443 and other small business-related legislation by visiting NFIB’s website and following their social media channels.
By staying informed, you can stay ahead of the curve and be prepared to take advantage of new opportunities and challenges as they arise.
Sources Information
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
February 4, 2025 NFIB Indiana State Director Natalie Robinson has been busy testifying at hearings in both chambers on important small business issues.
- HB 1461: Road Funding (Retail Delivery Fee) – NFIB testified against the provision that establishes a retail delivery fee.
- HB 1003: Healthcare Matters – NFIB supports this legislation, which will increase pricing transparency.
- SB 443: Business Personal Property Taxes – NFIB supports this legislation, which increases the acquisition cost threshold for the business personal property tax exemption.
- SB 3: Fiduciary Duty in Health Plan Administration – NFIB supports this legislation, which mandates fiduciary duty for third-party administrators.
- SB 405: Labor Organization Membership – NFIB supports this legislation, which prohibits labor organizations from requiring membership.
- HB 1172: Office of Entrepreneurship and Innovation – NFIB supports this legislation, which establishes the Office of Entrepreneurship and Innovation.
- SB 513: State Administered Retirement Program – NFIB opposes this legislation, which creates a state-administered retirement program.
Conclusion
As we conclude our discussion on the importance of taking action on the business personal property tax exemption, it’s essential to summarize the key points and main arguments discussed in this article. NFIB members have been advocating for a tax exemption that would eliminate the burden of property taxes on small businesses, allowing them to invest in growth, hire employees, and compete with larger corporations. The article highlighted the significant financial implications of this exemption, including reduced expenses, increased cash flow, and improved competitiveness. By opting out of the exemption, businesses may be missing out on substantial tax savings that could drive their success.
The significance of the business personal property tax exemption cannot be overstated. It has far-reaching implications for small businesses, affecting their ability to invest in new equipment, hire talented employees, and innovate. By exempting businesses from this tax, NFIB is working towards creating a more level playing field, where small businesses can thrive and contribute to the local economy. The article also discussed the potential impact on local governments, which could see a reduction in tax revenue. However, the benefits of the exemption far outweigh the costs, as it would stimulate economic growth, create jobs, and improve the overall quality of life for citizens.
As we look to the future, it’s clear that the business personal property tax exemption will continue to be a critical issue for small businesses. NFIB will continue to advocate for this exemption, working tirelessly to ensure that small businesses have the resources and support they need to succeed. As we move forward, it’s essential that NFIB members take action and demand change. The future of small businesses depends on it. “The future of our economy depends on the freedom to innovate, invest, and thrive – let’s make sure small businesses have the tools they need to succeed, and the business personal property tax exemption is just the starting point.”