NFIB Colorado State Director Michael Smith discussed the latest trends affecting small businesses in an interview with 9NEWS Business Buzz’s Ryan Frazier. Smith pointed to the findings from NFIB’s most recent Small Business Economic Trends report, which indicated that optimism among small business owners has declined while uncertainty is rising.
Smith explained that legislative actions at the state level are creating challenges for local entrepreneurs. “Trying to find the right people for the positions that small businesses are trying to fill, that is a challenge,” Smith said. “At the Colorado level, the people I’m talking to are really concerned about the proposals that are coming out of the state legislature that are anti-small business. That really scares them. There may be more regulations to comply with, and that’s a big burden for small business owners.”
He also referenced federal policy developments, specifically legislation enacted in July making permanent a tax deduction for small businesses. “The biggest thing that happened this year on a positive note from a policy perspective was at the federal level with Congress passing the 20% Small Business Deduction, making that permanent. So it’s been on the books for about eight years, but now it’s permanent. That really adds a lot of certainty, and that helps small businesses plan for the future, invest in capital, and invest in their employees. That has been great news,” Smith said. “Now that it’s permanent, that gives small businesses a big boost here in Colorado and across the country.”
For viewers interested in more details or to watch the full conversation between Smith and Frazier, additional information can be found online.
