Governor Signs New Tax Structure Into Law

Governor Snyder put his pen to an eight-bill package Wednesday, and in so doing, delivered on his campaign promise of eliminating the Michigan Business Tax (MBT) with a 6-percent corporate income tax. The Governor signed House Bill 4361, 4362, 4479, 4480, 4481, 4482, 4483 and 4484.

Surprising some with the relatively low-key signing, when many expected a significant event on the Grand Hotel Porch, for example, Governor Snyder signed the legislation in the Romney Building’s press auditorium. He was joined by Lt. Gov. Brian Calley, Senate Majority Leader Randy Richardville (R-Monroe), House Speaker Jase Bolger (R-Marshall) and other legislative leaders including House Tax Policy Committee Chair Representative Jud Gilbert (R-Algonac), the sponsor of the legislation.

The package of Public Acts, which are the topic of many discussions regarding potential “clean-up” legislation, serve to cut Michigan taxes on business by $1.73 billion while flattening the base of the income tax through exemption and credit elimination to the tune of $1.48 billion.

posted by PAA Online , Friday, May 27, 2011 10:07 AM
LINK DIRECTLY TO THIS ARTICLE

This Week's Newsletter

Past Newsletters