It has been an interesting year at both the federal and state levels of government, with the new administration in Washington, D.C. and with Governor Ricketts back here in Nebraska.
As we all know, there have been a lot of changes from DC in regards to executive orders and new regulations being put on hold or eliminated. All of which is good for small businesses and individuals alike. From what I am seeing, the federal and state levels are working to make it easier for small businesses to start, grow, and hire more people.
I am keeping an eye on both the federal and state activities and will keep you informed. Here’s a brief update of the proposals that I’m keeping an extra close eye on.
Healthcare Reform – In my opinion, this is one of the most important items they are currently working on. From what I see, the proposal will be very friendly to small businesses and will lift a lot of regulations, potential penalties, and reporting requirements off of the small business owner.
Federal Income Tax Reform – I foresee tax reform falling into place yet this year or shortly into the new year. I also believe we will see rates come down for both individuals and businesses. To remain competitive in the global economy, this needs to be done for our country.
Nebraska Income & Property Tax Reform – So far, I like what I am seeing. On the income tax side, our top rate in Nebraska is higher than most other states around us. Property taxes are also higher. I like the fact that property taxes for farmland will be broken up into different categories based upon its use then taxed based upon that use. This should help our farmers. Personally, I don’t think they’ve gone far enough to address the property taxes of people in the cities and hope the final law will address that issue.
If you have any questions on this or any other things that affect you or your business please feel free to contact me.
NOTE: This information should not be considered as tax/legal advice. You should consult your tax/legal advisor regarding your own tax/legal situation.