April 2, 2026 – State Sen. Doris Turner is advancing legislation aimed at helping small businesses reinvest in growth and expansion.
The proposal, Senate Bill 3614, would create a new account allowing small-business owners to set aside funds for capital expenses such as building improvements, equipment, and technology upgrades.
Under the measure, business owners could receive a 50% state income tax deduction in the year funds are deposited into the account, and an additional 50% deduction when the funds are withdrawn for qualified expenses.
Supporters say the plan would give small businesses more flexibility to reinvest earnings when it makes the most financial sense, rather than being limited by the tax calendar.
The legislation is designed to reduce the need for financing and support long-term business growth.
Senate Bill 3614 was heard Thursday in the Senate Revenue Committee.
