INDIANA – NFIB State Director Natalie Robinson released the following statement today in response to soaring gas prices and their impact on small businesses.
The leading organization representing small businesses in Indiana today called for an immediate suspension of the state gas tax. The National Federation of Independent Business (NFIB) is asking for a special legislative session, if necessary, contending that the economic situation posed by the spiraling gas prices is dire.
“The General Assembly recently passed a comprehensive tax relief package, but it could not anticipate the impact on Hoosiers from the ban on Russian oil imports”, said Indiana State Director Natalie Robinson. “Indiana’s small businesses were already negatively impacted by inflation, the fallout from the pandemic and the dramatic increase in gas prices could be the death knell for some.”
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.
“Many of our small business owners rely on gas to run their business. When fuel prices go up, their costs go up. At the end of the day, everyone suffers since our small business owners are forced to pay for that increase by raising prices for products and services. Reducing the cost of gas would ease the burden of the load on everyone here in Indiana.”
While the entire U.S. economy is affected by this development, main street businesses may be the most severely affected. Suspending the $0.32 per gallon state tax on gasoline would reduce the cost of doing business in Indiana and help not only small business owners but every consumer in Indiana. NFIB is calling on the legislature to help small businesses recover during this critical time.
