Small business is always important in the rural economy, but it is especially critical during economic downturns. During our last recession, from 2000 to 2003, microenterprise employment in Nebraska grew by nearly 5 percent while all other nonfarm employment fell.

Senator Galen Hadley has introduced LB 419 to remove the $2 million cumulative limit on the Microenterprise Investment Tax Credit for businesses with up to five employees. The credit is capped at $10,000 per person. While microenterprise accounts for 1 out of every 6 jobs in Nebraska, it receives only 1 out of every 75 dollars spent on job creation tax incentives.