Posts
Compiled by the National Conference of State Legislatures through various media and government reports, the chart below lists several states with stimulus plans that could potentially help small-business owners:
Arizona: In response to tight fiscal conditions, Arizona’s stimulus plan focuses on tax incentives, rather than public-works projects. Changes and increases to the enterprise-zone program, which includes tax incentives on business property and income, have also been proposed.
Colorado: A pending Senate bill would create a loan fund for small business. A pending House bill would give small businesses dealing with clean energy technology certain tax breaks. Republicans are pushing to phase out the personal property tax for business, which is a big accounting headache for small firms. Gov. Bill Ritter Jr. wants to start a $5 million fund called the Colorado Credit Reserve, which should back banks that give small-business loans.
Florida: The main component of Florida’s stimulus program is loans to small businesses. Small businesses with 10 to 99 employees would be eligible for 2% interest rate loans of up to $250,000 to be used in expansion for their enterprise. This could include capital purchases, employee training and new position salaries.
Maryland: Gov. Martin O’Malley, in his state of the state, said his proposed budget plan includes $70.3 million for business-development programs that assist small and minority businesses, plus $15 million for small-business health insurance.
Minnesota: Gov. Tim Pawlenty is calling for business tax cuts that includes tax-free zones for companies that create “green jobs.” He is also pushing for a 25% refundable tax credit for small-business owners who reinvest in their business. In addition, he wants a 100% exemption on sales tax for equipment purchases by all small businesses.
New Jersey: Stimulus plan includes grants and tax incentives for small businesses to hire and expand. Small businesses that hire and retain a new employee for at least one year are eligible for grants of $3,000 per position. In addition for the grants, small businesses may be eligible for sales tax credits for capital investments over $5,000.
