Introduced
by
To impose a 3.05 percent profits tax on businesses with annual gross receipts exceeding $350,000, as a replacement for the Single Business Tax (SBT), which is repealed as of the end of 2007. This “Michigan Commercial Activity Tax” would also impose a modified gross receipts tax on insurance companies of 0.010735 percent on the firm’s tax base as defined in the bill. The bill would establish a variety of tax breaks and credits for various activities and investments.
Referred to the Committee on Tax Policy
