Uncategorized Small business and economic development bills await committee hearings

Small business and economic development bills await committee hearings

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Members of the Indiana Senate Democratic Caucus have filed a legislative package for the 2013 General Assembly to promote small businesses and economic development. Our state is in the midst of a challenging time, with unemployment hovering above 8 percent and many Hoosiers hopeful that better days are on the horizon.

Senate Democrats recognize that Indiana already possesses several tools to invigorate its economy. One possible proposal would equalize tax benefits between small businesses and large companies for new hires. Leveling the playing field for Indiana’s brick and mortar retailers by collecting online sales tax could mean as much as $2.9 billion in businesses for local communities. Finally, Indiana has the chance to reduce its disproportionate unemployment rate among veterans by offering a tax incentive for hiring veterans.

2013 Small business and economic development bills

Senate Bill 427: “New Hire” tax credits for smaller employers – Sen. Taylor

New hire tax credits for smaller employers would provide Indiana’s small businesses with the same tax benefit for new hires that is available to larger companies under the New Employee Tax Credit established in 2010. The proposed legislation would eliminate the 10-employee minimum qualification now required under the program, providing any sized business with a tax credit equal to 10 percent of the wages paid for qualified new hires during a 24-month period.

Senate Committee: Commerce

Senate Bill 309: Online sales tax collection – Sen. Broden

Indiana retailers, who employ more than half a million Hoosiers, are losing an estimated $2.9 billion in business annually to online retailers. The proposed legislation would require all online retailers with any presence in the state to collect sales tax, leveling the playing field for local businesses and providing the state with an estimated $200 million in uncollected sales tax revenue.

Senate Committee: Appropriations

Senate Bill 504: Tax incentive for hiring veterans – Sen. Broden

Providing employers tax credit incentives to hire returning vets is another way the General Assembly can encourage the development of jobs for veterans at a time when the Hoosier veteran unemployment rate is 8.3 percent.

Senate Committee: Tax and Fiscal

To voice your support for these bills: Contact your State Senator and members of the Senate standing committee to which the bill has been assigned (see committee assignments at the end of each bill description). Contact information for every State Senator is available on the General Assembly’s website.