Small Business Day: Legislative Insights & Updates

Small Business Day and Legislative Update

The National Federation of Independent Business (NFIB) is hosting its annual Small Business Day at the Capitol on February 18. This free event requires an RSVP and will have key lawmakers, including House Finance Committee Chair Rep. April Berg and Senate Revenue Lead Sen. Noel Frame, discussing proposed legislation such as a new Millionaire Tax. The agenda will also include insights from various legislative leaders. Interested participants can seek further details from Stacy Jenkins.

Review of Legislative Developments

In the legislative arena, NFIB’s bill tracking has narrowed from 251 to 105 bills post the February 4 policy committee cut-off. With the fiscal committee deadline on February 9 approaching, seven bills facing NFIB opposition may stall due to absent scheduled executive actions. However, outcomes remain uncertain until all meetings have concluded.

Substantial activity is focused in fiscal committees. The House Finance Committee intends to engage with two bills before advancing 11 to executive votes. Additionally, House Appropriations is evaluating 40 bills for approval, and Senate Ways & Means is reviewing 69 bills. Importantly, legislation critical to the budget process bypasses many cut-off constraints.

Key Legislative Issues

Millionaire Tax (SB 6346): Concerns are growing regarding sole proprietors potentially facing revenue taxes without acknowledgment of income type. This might impact cash flow and the investment capabilities of small businesses.

Immigrant Worker Protection Act (HB 2105): The bill poses litigation risks for small businesses amid potential lawsuits from multiple entities under its provisions.

340B Prescription Drug Program (HB 2145 and SB 5981): Opposition stems from anticipated higher insurance costs due to the program's expansion, potentially elevating healthcare expenses for employers.

Wage Recovery Fund (HB 2479): Though aimed at mitigating partial wage theft, concerns over fiscal deployment persist; it has nevertheless progressed from House Appropriations to the House Rules Committee.

Voluntary Disclosure Agreements and Tax Amnesty (HB 2615): This proposal encourages voluntary error reporting and suggests a tax amnesty phase, potentially boosting state revenue without penalties and interest.

Sales Tax Error Waivers (SB 6033): Discussions continue regarding the risk of unintentional errors by small businesses under new tax collection mandates.

Workers' Comp Medical Provider Network (SB 5847): Testimonies emphasize potential complications from altering established medical provider systems, possibly affecting injured workers' treatment negatively.

Workers' Comp Insurance Benefits (SB 6067): Critics highlight the ambiguity surrounding the effective translation of benefit hikes into comprehensive health coverage.

Corporate Practice of Medicine (SB 5387): The separation of medical decisions from business decisions gains support, aiming to curb healthcare cost escalation.

Medical Loss Ratio Increase for Health Insurers (HB 2283): Having moved to the House floor, this bill advocates for insurer profit adjustments to lower premiums and enhance rebates, gaining NFIB backing.

Next Steps

With no public testimonies anticipated for executive sessions on Monday and floor sessions scheduled for the week, legislative maneuvers remain the focal point.

NFIB's Role

The NFIB continues to champion small and independent business interests across the nation, actively participating in legislative discourse and advocacy efforts.

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