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March 6, 2021
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TAX BREAKS
(2008-04-23)
(wgvu) - THE STATE SENATE APPROVES TAX BREAKS FOR SMALL BUSINESSES---BUT THEY COULD CUT INTO REVANUE THIS YEAR BY MORE THAN 160 (M) MILLION DOLLARS.
THE MEASURE 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 ARE CURRENTLY DISQUALIFIED FROM CERTAIN TAX CREDITS IF THEY MAKE MORE THAN $180,000.
THE BILL WOULD RAISE THE INCOME THRESHOLD TO $250,000.
IT NOW GOES TO THE HOUSE, WHERE IT'LL LIKELY ENCOUNTER RESISTANCE FROM MAJORITY DEMOCRATS.
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