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Leading the News

Small Business Owners Applaud Senate’s Passage of Tax Relief (03/22/2023)

AUSTIN (March 22, 2023) – Small business owners applaud the Senate’s passage of (SB 5) which would provide meaningful tax relief for local job creators. Introduced by Sen. Tan Parker (R-Flower Mound), SB 5 increases the inventory tax exemption and offers a credit toward the franchise tax. NFIB has made cutting the inventory tax a top priority for the 88th Legislature, with paid statewide radio and digital advertisements to encourage legislators to provide needed tax relief to Texas small businesses. Following the Senate’s passage of SB 5, NFIB State Director Annie Spilman said:

“This is the first tax relief measure of its kind to combine both inventory tax relief and a franchise tax credit to help businesses of all sizes, but particularly our small businesses. In the past three years, our local job creators have faced enormous challenges, and with our state’s $33 billion budget surplus, there’s no question they deserve meaningful tax relief this legislative session. This tax relief will allow small business owners to invest in their employees, meet their customers’ needs, and contribute to our communities. We look forward to working with lawmakers to get this tax relief across the finish line and to Governor Abbott’s desk for signature.”

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Business Climate

Main Street: Expectations for Better Business Conditions Remain Low (03/14/2023)

Inflation continues to be top small business problemM/P>

WASHINGTON, D.C. (March 14, 2023) – The NFIB Small Business Optimism Index increased 0.6 points in February to 90.9 but remains below the 49-year average of 98. Twenty-eight percent of owners reported inflation as their single most important business problem, up two points from last month. Owners expecting better business conditions over the next six months deteriorated two points from January to a net negative 47%.

“Small business owners remain doubtful that business conditions will get better in the coming months,” said NFIB Chief Economist Bill Dunkelberg. “They continue to struggle with historic inflation and labor shortages that are holding back growth. Despite their economic challenges, owners are working hard to create new jobs to strengthen the economy and their firms.”

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Wages and Benefits

New NFIB Survey: Health Insurance Costs Remain a Significant Challenge for Small Businesses (03/23/2023)

Costs is the biggest problem for small employers offering and not offering health insurance

WASHINGTON, D.C. (March 23, 2023) – The National Federation of Independent Business (NFIB) released a new survey assessing small businesses and health insurance. The data reveals that small businesses are facing a substantial affordability crisis in providing health insurance for their employees. Most small business owners find it challenging to manage the cost of offering employer-sponsored health insurance and almost half have taken a lower profit or suffered a loss to pay for health insurance premium increases over the last five years.

“Health insurance has been a continuous challenge for small business owners,” said Holly Wade, Executive Director of NFIB’s Research Center. “The cost of health insurance is by far the biggest challenge for employers who offer health insurance and for those who do not offer it. Small employers compete for talent in filling open positions and are aware that health insurance is an important benefit for many employees and job seekers.”

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