Introduced
by
To revise the law authorizing tax breaks on certain commercial and industrial property so it reflect provisions of the new business tax proposed by Gov. Granholm (see Senate Bill 307 and House Bill 4368) to replace the revenue from the Single Business Tax (SBT), which expires at the end of 2007. The proposal would also exempt business tools and equipment (the “personal property tax”) from the 6-mill state education tax and the 18-mill school operating tax. This bill applies the personal property tax exemptions to the lower tax rate levied under the “commercial and industrial personal property” tax break law.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that represents an SBT replacement proposal proposed by House Democrats. This was replaced by a consensus business tax described in the House-passed version.
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that is part of the business tax agreed to by legislative leaders and the governor, which will replace all the revenue from the Single Business Tax (SBT), which expires at the end of 2007 (and possibly raise some additional revenue).
The substitute passed by voice vote
Passed in the House 102 to 4 (details)
To exempt commercial and industrial property from the 18-mill local school operating tax, and exempt just industrial property from the 6-mill state education tax. This is part of the business tax agreed to by legislative leaders and the governor, which will replace all the revenue from the Single Business Tax (SBT), which expires at the end of 2007 (and possibly raise some additional revenue). The main parts of the tax are a 0.8 percent tax on gross receipts minus purchases and inventory, and a 5 percent tax on earnings (these rates are approximate), and an alternative earnings (or profits) tax of 1.8 percent for small businesses. The exempted school taxes would be replaced by revenue from these new taxes.
Referred to the Committee on Finance
Substitute offered
To replace the previous version of the bill with one that makes the bill fit with the new "Michigan Business Tax" described in <a href="http://www.michiganvotes.org/2007-SB-94">Senate Bill 94</a>, which will replace the taxes formerly collected under the Single Business Tax.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
To exempt industrial business tools and equipment (personal property) from the 6-mill state education property tax, and all business personal property from the 18-mill local school operating tax, as part of the "Michigan Business Tax" proposal described in <a href="http://www.michiganvotes.org/2007-SB-94">Senate Bill 94</a>. Reductions in state and local school tax revenues would be reimbursed by the proportionately higher business tax rates that bill would impose.
To replace the previous version of the bill with one that makes the bill fit with the new "Michigan Business Tax" described in <a href="http://www.michiganvotes.org/2007-SB-94">Senate Bill 94</a>, which will replace the taxes formerly collected under the Single Business Tax.
Passed in the House 109 to 0 (details)
