With Governor Rick Snyder also calling for swift action to eliminate the MBT, it is very likely the Legislature will move the measures quickly; however, without a replacement enacted, the MBT’s elimination would bump the projected budget deficit numbers significantly. MBT revenue is approximately $2.2 billion – potentially putting the Fiscal Year (FY) 2012 deficit at nearly $4 billion.
MBT Targeted by House and Senate
The first two bills of the new Legislature, often symbolizing the top priorities for the respective legislative chambers, both tackle the Michigan Business Tax (MBT). House Bill (HB) 4001, introduced by Rep. Kurt Heise (R-Plymouth), eliminates the 21.99 percent surcharge on the MBT, while Senate Bill (SB) 1 represents a complete repeal of the MBT and the surcharge and was introduced by Sen. Dave Hildenbrand (R-Lowell).
With Governor Rick Snyder also calling for swift action to eliminate the MBT, it is very likely the Legislature will move the measures quickly; however, without a replacement enacted, the MBT’s elimination would bump the projected budget deficit numbers significantly. MBT revenue is approximately $2.2 billion – potentially putting the Fiscal Year (FY) 2012 deficit at nearly $4 billion.
With Governor Rick Snyder also calling for swift action to eliminate the MBT, it is very likely the Legislature will move the measures quickly; however, without a replacement enacted, the MBT’s elimination would bump the projected budget deficit numbers significantly. MBT revenue is approximately $2.2 billion – potentially putting the Fiscal Year (FY) 2012 deficit at nearly $4 billion.
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