The Mississippi Legislature concluded its session on April 2, without focusing heavily on small business issues. According to Dawn McVea, NFIB State Director, “Overall, it was a quiet session, which is good news for our members.” She expressed appreciation for the governor and legislature’s understanding of the importance of small businesses to Mississippi’s economy.
During the session, NFIB successfully opposed proposals such as minimum wage increases and paid leave mandates. McVea noted that these measures would have imposed higher labor costs on small businesses. “We understand that small businesses cannot afford higher labor costs and need to have the flexibility to offer compensation and benefits that work best for their companies and employees,” she said.
A significant outcome from this session was the passage of full expensing legislation. This law allows businesses to deduct capital investments fully in the current year instead of spreading them over multiple years. McVea commented, “This will simplify tax filing and provide businesses with immediate tax benefits from their investments, allowing them to expand their capacity.” Mississippi now joins Oklahoma as one of the few states with full expensing in its tax code. “We’re proud to have supported it on behalf of our members,” she added.
NFIB also backed legislation concerning software taxation. There was an initiative by the Department of Revenue to broaden software taxation definitions, which could have complicated compliance for small businesses and increased taxes.
McVea summarized the legislative session by stating, “Overall, small businesses were not harmed during the legislative session, and we consider that a win.” She mentioned that NFIB would soon release its 2022-23 voting record.
