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Last updated 12:49AM ET
March 3, 2021
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Tax Breaks
(wgvu) - LANSING, Mich. (AP) - The Michigan Senate has approved tax
breaks to help small businesses, but the legislation could decrease
state government's budget by $162 million this year.
A bill approved 23-15 Tuesday would let more small business
owners qualify for credits against the new Michigan Business Tax.
It also would increase the state's entrepreneurial tax credit.
Business owners and others now can't qualify for certain tax
credits if they make more than $180,000. The bill would raise the
income threshold to $250,000.
Republicans say the measure would stimulate the economy.
Democrats say it would devastate the state budget after lawmakers
just raised taxes to balance Michigan's finances.
The bill was sent to the Democratic-led House, where it is
expected to face opposition.
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