OK. I've been beating on them so much I guess I have to congratulate them when they finally do something good.
Congratulations everyone!
State lawmakers on Thursday completed a replacement plan for Michigan's main business tax.The Republican-led Senate voted 32-3 for the main bill detailing the new Michigan Business Tax, while the Democrat-led House approved it by a 75-34 vote. The bill now goes to Gov. Jennifer Granholm, who was in the House chamber and applauding with other Democrats when the final vote was announced.
Must feel great to finally have this done after a year of frustration and headaches. Good on you Governor. Very happy for you tonight.
Tricia isn't happy though. Uh-oh.
But Tricia Kinley of the Michigan Chamber of Commerce doubted whether the replacement plan would be revenue neutral, adding there could be "backdoor tax increases on job providers.""We have to tell our members it just doesn't meet the standards they were expecting," Kinley said.
Let the lobbying begin. I'm sure there will be changes as time goes on, just like there was with the SBT. But for now, most businesses will see some tax relief.
House Democrats and Senate Republicans say the plan will reduce tax liability for more than 70 percent of Michigan businesses. Tax credits could be available for several businesses including large sports complexes, such Michigan International Speedway and the Palace of Auburn Hills, and for large Michigan-based retailers such as Meijer.The agreement includes incentives that reward businesses for investing in Michigan and creating jobs, with out-of-state companies that have sales in Michigan paying more taxes. The bill could help domestic automakers and large manufacturers by lowering personal property taxes on machinery and equipment by about two-thirds.
The new tax is based on a company's income and modified gross receipts. It also includes provisions aimed at helping small firms grow.
Every penny Dick!
Two down, one big one to go...