Introduced
by
To impose a new business tax after the Single Business Tax expires at the end of 2007. The tax would be a combination gross receipts tax and business income tax (profits tax), and also have a credit against the personal property tax (tools and equipment tax.) The tax would take $500 million less than the SBT takes. This is the tax that the Michigan Chamber of Commerce has proposed. It and other SBT replacement proposals are described in more detail in a <a href="http://taxfoundation.org/files/sr149.pdf">report</a> from the Washington-based Tax Foundation.
Referred to the Committee on Finance
