Legislature Could Boost Nebraska's Small Businesses in the New Year
Release Date:
01/05/2009By:
Brian Depew, briand@cfra.org, Center for Rural AffairsIn 2009, the Nebraska Unicameral will have an opportunity to give Nebraska small businesses the boost they need during these tough times. If our Senators act, they can help set our economy back on a strong track.
The Nebraska Advantage Microenterprise Tax Credit supports a critical element of both rural and inner city economies in our state - owner operated businesses with five or fewer employees. They account for 85% of Nebraska businesses.
The Credit provides tax savings or payments to small entrepreneurs equal to 20% of their investment in starting or growing their businesses. The credit is capped at $10,000 per entrepreneur.
Currently, an arbitrary $2 million limit is placed on the total amount of tax credits available to small businesses across Nebraska. Once the limit is reached, qualifying small businesses are simply turned away.
But at the same time, the state provides unlimited tax incentives to its biggest businesses. The door is never closed to corporate America.
Our legislators should put small business on an equal footing by removing the cap and making this innovative program available to all who qualify.
Lifting the cap on this tax credit will help new small businesses get started, help existing businesses thrive, create new jobs and build an economy that works for Nebraska today and tomorrow.
The Credit provides tax savings or payments to small entrepreneurs equal to 20% of their investment in starting or growing their businesses. The credit is capped at $10,000 per entrepreneur.
Currently, an arbitrary $2 million limit is placed on the total amount of tax credits available to small businesses across Nebraska. Once the limit is reached, qualifying small businesses are simply turned away.
But at the same time, the state provides unlimited tax incentives to its biggest businesses. The door is never closed to corporate America.
Our legislators should put small business on an equal footing by removing the cap and making this innovative program available to all who qualify.
Lifting the cap on this tax credit will help new small businesses get started, help existing businesses thrive, create new jobs and build an economy that works for Nebraska today and tomorrow.
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