January 24, 2023 9:56am
3 Wins for Small Businesses in the End-of-Year Omnibus bill
This information appeared in a US Chamber newsletter on Thursday, January 18, 2023.
The Consolidated Appropriations Act of 2023, recently referred to as the end-of-year omnibus bill, was signed into law just before funding for the federal government was set to expire on December 23, 2022. The nearly $1.7 trillion appropriations bill funds the federal government through fiscal year 2023, which ends September 30, 2023.
The omnibus bill is a combination of appropriations bills that each authorizes funds for different parts of the government. The small business-related items below are just a few of many provisions in the spending bill related to a vast variety of topics.
1) A crack down on retail theft
Following a year-long campaign, Congress acted on the Chamber’s recommendation to bolster local and state efforts for addressing retail theft. The INFORM Consumers Act will crack down on criminals who buy stolen goods and resell for profit using online sales platforms, harming retailers and crowding out legitimate small business online merchants.
Learn more about the U.S Chamber’s efforts to combat retail theft by clicking here.
2) A boost for offering benefits
Broadening access to benefits like 401(k)s will help small firms attract and keep talent. The SECURE Act 2.0 helps small employers offer retirement plans by:
- Doubling the tax credit to help cover administrative plan set-up costs; and
- Adding a matching tax credit up to $1,000 per employee to incentivize employer matching contributions
- Exempting firms with 10 or fewer employees from the auto-enrollment mandate.
Learn more about the U.S. Chamber’s efforts to pass SECURE Act 2.0 by clicking here.
3) A simplified mergers and acquisitions process
The Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act streamlines the Securities and Exchange Commission (SEC)’s oversight into the purchase and sale of smaller privately held firms. For example, the bill helps level the playing field for small business owners, including retirees, by reducing the costs of their M&A transactions.
Learn more about the U.S. Chamber’s support and efforts to broaden access to capital for small firms by clicking here.