Small business owners across Iowa, along with NFIB, the state’s leading small business organization, are encouraging state lawmakers to listen to small business owners as they continue to recover from the pandemic and economic setbacks. Today, January 9, is the first day of the 2023 legislative session.
NFIB small business owners are still struggling with inflation, supply issues, and worker shortages. NFIB data shows that 44% of small business owners have openings they can’t fill and 92% report that they have few or no qualified applicants. NFIB has more than 11,500 members across the state of Iowa.
Small business owners have a few priorities that they would like the legislature to keep in mind this session.
1. Property Tax Reform
- Property taxes in Iowa are too high, uncompetitive and have increased by more than 120% in the last twenty years.
- Out of control city and county budget increases along with unfair tax exemptions have created an unsustainable property tax climate that continues to shift the burden of paying for essential public services onto the backs of small businesses and their employees.
NFIB is urging Iowa Legislators to look at ways to rein in city and county budgets, limit property tax exemptions and equalize the playing field for ALL property taxpayers in Iowa.
2. Income Tax Reform
- One of the top priorities for NFIB small business members continues to be the lowering of Iowa’s personal income tax rates.
- The best and most fair way to give every small business and their employees more of their hard-earned money while ensuring continued economic growth in Iowa is through personal income tax cuts.
NFIB is urging Iowa legislators to maintain a fiscally responsible budget, ensure that future income tax reductions remain on track and continue to find ways to lower and eliminate Iowa’s personal income tax rate.
3. Frivolous Lawsuit Reform
- In the past several years, Iowa has seen a substantial jump in high-dollar medical malpractice awards and excessive settlements against Iowa’s trucking industry.
- Trial attorneys have deployed new tactics to exploit Iowa’s current soft cap on noneconomic damages resulting in higher healthcare costs, the reduction of access to care through closures of hospitals and clinics and the skyrocketing price of commercial trucking insurance.
NFIB is urging Iowa Legislators to end the trend of outrageous and unfair litigation tactics in Iowa, restore fairness to the system, establish a hard cap on non-economic damages and provide much-needed cost relief for small business.
“Iowa is fortunate to have leaders and legislators who understand the struggles small business owners face,” said Matt Everson, NFIB State Director in Iowa. “We have made many important strides to shape Iowa into an ideal place to start and grow a small business, yet there is more to be done. This year, we are asking the legislature to continue reducing the burdensome taxes our entrepreneurs face. The fewer taxes they pay, the more money they can put back into their business to create new jobs and invest back into their communities.”
