Small Business Minnesota poured over the latest available US Census data to discover what we already knew: small business is a key driver to our state and our nation’s economy. A recent Bloomberg article confirms that and more.
According to their source, Automatic Data Processing Inc, companies with less than 50 employees accounted for about 42 percent of the U.S. jobs in July 2013. And we also know that companies with less than 100 employees contribute to more than 50 percent of the nation’s profits.
In Minnesota it is commonly said that we have a $38 billion biennial budget. We actually have closer to a $63 billion biennial budget due to $25 billion in tax expenditures. Many of the state’s tax expenditures are breaks for big businesses, with little-to-none available to small businesses. Small Business Minnesota provided testimony on this during the 2013 state legislative session.
In addition, when it comes to the state’s corporate tax, it is commonly said that Minnesota has the “4th highest corporate tax rate.” In reality we have the 11th lowest effective corporate tax rate.
This recent blog points out that current Federal tax plans are bad for small business.
Small Business Minnesota continues to encourage our members to go directly to the source for answers to your questions on health insurance exchanges and the Affordable Healthcare Act. Here are two great resources for small business owners:
Minnesota’s health insurance exchange is MNsure: MNsure.org
Information on the Affordable Care Act (Obamacare): Business.USA.gov/healthcare
Small Business Minnesota has entered a new era. In the past six months, the association has initiated ongoing, regular membership communications through this newsletter, social media, alerts and more; made significant progress on Small Business Minnesota’s first legislative agenda; hosted a small-business MNsure event that included a networking reception; implemented media relations coordinating dozens of interviews with journalists, and more.
As we look forward to increasing the number of networking events, hosting additional educational forums, continuing ongoing membership communications and forming our second legislative agenda, please let us know your thoughts. Small Business Minnesota, main phone (763) 280-3313.
The Minnesota Department of Revenue has established the following contacts and information lines to answer your questions regarding 2013 tax law changes.
Governor Dayton declared a state of emergency due to damage caused by the recent severe weather. If your business or organization was affected by the recent severe storms and you were prevented from depositing your withholding tax on time, you can request a penalty abatement. Choose “Withholding Deposits due June 21 and June 26″ and follow the instructions.
The U.S. Small Business Administration announced that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Dakota, Goodhue, Wabasha, Washington and Winona counties as a result of excessive rain and snow, and multiple periods of thawing and refreezing resulting in winterkill between Jan. 1 and May 21, 2013.
Last year, health insurance companies sent small businesses $321 million in rebates because insurers didn’t comply with the health reform law’s Medical Loss Ratio requiring insurers to spend at least 80% of all premium dollars on actual health care. This requirement was part of a bill written by Senator Al Franken of Minnesota. Were you one of the businesses that received a rebate? If so, we’d like to speak with you. Contact Audrey Britton, government and public relations, (763) 280-3316.
Kestrel Consulting was founded in 1995 by Christine Wisch, a former applications developer, to provide IT professional services, including contract, contract-to-hire and direct placement.
Kestrel is a WBE-certified woman-owned, Minnesota business whose operating philosophy is to provide a higher level of service. Do or Do Not – there is no Try. What do you need and how may we help? Email Christine Wisch, president, or call (952) 903-0676.