Update On Tax Restructuring Proposal

The House Committee on Tax Policy continued hearing testimony this week regarding Governor Rick Snyder’s plan to restructure Michigan’s business and individual tax structures, incorporated in House Bills 4361 and 4362, sponsored by Representative Jud Gilbert (R-Algonac).

Many business groups took advantage of the hearing to offer their support for the plan, especially the Administration’s recognition of the double taxation of individuals who own businesses considered “flow-through” entities (partnerships, LLCs, etc.). The Michigan Chamber of Commerce, the Small Business Association of Michigan (SBAM), and the National Federation of Independent Business (NFIB) all offered their positive testimony.

Meanwhile, the Senate Republican Caucus continues to discuss viable alternatives to the Governor’s plan to eliminate the individual income tax exemption for public and private pensions – considered the most controversial portion of the plan. Options reportedly include increasing the proposed 6 percent corporate income tax to 7 percent.

posted by PAA Online , Friday, March 11, 2011 11:07 AM
LINK DIRECTLY TO THIS ARTICLE

This Week's Newsletter

Past Newsletters