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March 6, 2021
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BUSINESS TAX
(2007-07-12)
(wgvu) - GOVERNOR JENNIFER GRANHOLM PLANS TO SIGN
MICHIGAN'S NEW BUSINESS TAX INTO LAW TODAY.
THE GOVERNOR AND LEADERS IN THE STATE LEGISLATURE ARE HOPING THE
NEW TAX STRUCTURE WILL HELP MICHIGAN ATTRACT JOBS.
THE SO-CALLED MICHIGAN BUSINESS TAX GOES INTO EFFECT AT THE
START OF NEXT YEAR. THE CURRENT SINGLE BUSINESS TAX EXPIRES AT THE
END OF THIS YEAR.
THE MICHIGAN BUSINESS TAX IS DESIGNED TO GIVE ROUGHLY SEVEN OF
EVERY 10 MICHIGAN BUSINESSES OVERALL TAX CUTS.
BUT OUT-OF-STATE COMPANIES THAT SELL GOODS IN MICHIGAN BUT DON'T
HAVE A SIGNIFICANT PHYSICAL PRESENCE COULD WIND UP PAYING MORE.
INSURANCE AND FINANCE COMPANIES ALSO MIGHT FACE HIGHER TAX
BILLS.
THE LEGISLATURE APPROVED THE NEW TAX SETUP LATE LAST MONTH.

(COPYRIGHT 2007 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)
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