A new bill proposed by a local lawmaker looks to ease the financial burden on business owners recovering from pandemic shutdowns.
State Senator Scott Hutchinson’s Senate Bill 349 is part of a Small Business Tax Reform Package with a goal of bringing state tax law in line with federal law about expense deductions.
As chair of the Senate Finance Committee, Hutchinson believes that this increase in tax deduction allowance will encourage businesses to buy equipment and invest, which often results in job growth.
After passing the Senate, this bill next advances to the state House of Representatives for consideration and vote.
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