Introduced
by
To impose a permanent Michigan estate tax with a rate of between 8 percent and 16 percent on estates of $2 million or more. Assets attributable to family owned businesses, including farms, would be excluded from taxation. The Michigan estate tax was de facto repealed in the 1990s, but a provision of the federal estate tax allowed the state to get some of the money collected under the federal levy. That provision was phased out as part of the “Bush tax cuts” of 2001. Some refer to the estate tax as the “death tax”.
Referred to the Committee on Finance
And discharged from committee to the Senate floor on March 15, 2007. The discharge means the bill could be put to a full Senate vote at any time. Reportedly, Senate Republicans might want to force a vote on Gov. Granholm's tax increase proposals, in the belief that not all members of the Governor's party support them.
