Introduced
by
To eliminate the state Single Business Tax, with the repeal effective Oct. 1, 2007. This is Michigan's tax on business operations, and it collects around $1.85 billion per year. The state and local governments also levy property tax on business tools and equipment. The state also levies many license, permit and other fees on certain types of operations. The bill prohibits replacing the tax with a new that is paid directly by individuals, including an increase in the rate or base of the income, sales, or use taxes, or property taxes levied on residential property (but not commercial or industrial property). The bill requires the governor's "council of economic advisors" to recommend a new tax to replace all or part of the SBT revenues by Jan. 1, 2007.
Referred to the Committee on Finance
