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Relief offered to small
businesses wading through regulations
Small business owners who
lack the resources to keep up with state regulations would get help
under legislation introduced by
Rep. Glenn Anderson, R-Fall City.
Anderson is proposing to offer tax credits for small businesses that
comply with all regulations, helping them to offset the cost of
compliance. House Bill 2658 would allow a small business to receive a
tax credit of up to $2,000 to recover costs incurred because of
regulatory requirements.
“The cost of compliance is
a big hit on mom-and-pop businesses and small start-up ventures,” said
Anderson, who has 18 years experience in business management banking and
consulting. “The accounting, the paperwork and other actions required to
avoid penalties can substantially impact the overhead of a small
operator, and it’s not our intention to make regulatory compliance a
make-it-or-break-it cost of doing business.
“Collectively, small
business is our biggest job provider. Nearly three out of every four
workers in our state is employed by a small business. These companies
offer the greatest potential for job growth and economic recovery, so in
our effort to create opportunities for working families, we need to be
aware of the impact government has on the entrepreneurial environment,”
he said.
Under the bill, businesses
could receive tax credits for accounting costs, reporting requirements,
inspections, and other actions a state agency requires the business to
perform in order in order to avoid a civil penalty. House Bill 2658 has
been referred to the House Finance Committee.
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For more information, contact:
Bobbi Cussins, Public
Information Officer - (360) 786-7252
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