INDIANA – NFIB, the National Federation of Independent Business, the leading small business organization in Indiana, thanks the legislature for passing a $1.1 billion tax cut package this session, which ended earlier this week.
The legislation reduces Indiana’s income tax rate from 3.23% to 2.9% over the next seven years, making Indiana’s tax rate tied for the lowest flat income rate in the country.
“Small businesses are facing the highest inflation levels in 40 years which are being exacerbated by a labor shortage, supply chain disruptions, and now the soaring cost of gas,” said Natalie Robinson, NFIB State Director in Indiana. “Our small business owners are pleased that lawmakers took advantage of Indiana’s strong fiscal shape and passed legislation that will put some hard-earned money back into the hands of owners so they can reinvest in their small business.”
According to the latest NFIB Small Business Optimism Index, 26 percent of small business owners nationwide said inflation is the single most important problem in operating their business, the highest reading since the third quarter of 1981.
