Senate Republicans voted Tuesday to repair last year’s tax bill that wrongly moved the date to end the Net Operating Loss (NOL) to 2023 instead of 2024, causing higher taxes for small businesses and entrepreneurs earlier than expected.
Said District 21 Sen. Bill Weber, Republican of Luverne, in a press release: “When we make mistakes, it’s our job to fix them. I’m glad we are finally taking up the bill today to repair the damage from last year’s tax bill. However, let’s keep in mind this is only a one-year change: Democrats are still raising taxes on small businesses and entrepreneurs who, sometimes by no fault of their own, had a bad business year. Reducing the amount a business can claim puts more money in the pocket of government, and less money available for these job creators to hire, expand, and recoup their losses.”
Weber's press release noted that the 2023 tax bill lowered the amount from 80% to 70% that a business can claim as a loss. Intended to begin in 2024, an error in the bill enacted the change for 2023, the current fiscal year.
The House passed the bill on March 18, 130-0, and the bill passed the Senate floor on a vote of 64-0.
