Jason Glodt South Dakota State Director | LinkedIn
Jason Glodt South Dakota State Director | LinkedIn
South Dakota's 2023 legislative session brought significant changes for small business owners, according to the National Federation of Independent Business (NFIB). NFIB State Director Jason Glodt shared insights into these developments.
Senators Casey Crabtree and Kyle Shoenfish expressed their appreciation for the role of job creators in South Dakota's economy. They highlighted the contributions of small business owners in maintaining economic momentum.
South Dakota is known for its business-friendly environment, with no corporate or personal income tax and minimal government regulations. The state has a low tax burden and a strong workforce ethic. These factors have contributed to a favorable business climate that improved further following the 2023 Legislative Session.
The session saw the implementation of the largest tax cut in South Dakota's history, reducing the state sales tax from 4.5% to 4.2%. This change is expected to save taxpayers approximately $500 million over four years. Additionally, unemployment insurance trust fund taxes for businesses were reduced by $18 million annually, benefiting small businesses across the state.
Despite economic growth, South Dakota faces workforce challenges. A survey by NFIB revealed that optimism among small business owners remains below average due to inflation and hiring difficulties.
In response, $200 million was allocated for infrastructure projects focused on workforce housing grants and incentives. The Legislature also passed an occupational licensing reciprocity bill proposed by Governor Kristi Noem, allowing out-of-state licenses for nearly all professions to facilitate employment in South Dakota.
The NFIB praised these legislative efforts as beneficial for small businesses while noting that proposals increasing taxes or regulations were successfully opposed.
Small businesses play a crucial role in South Dakota's economy, supported by a legislature committed to fostering entrepreneurial success and maintaining one of the nation's strongest economies.
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