2007 House Bill 4367 ↩

House Roll Call 126: Passed

To establish a new business tax to replace the expiring Single Business Tax (SBT). This “revenue neutral” proposal of House Democrats would impose a 6.95 percent profits tax and a 0.488 percent annual tax on a firm’s net worth. Various exemptions and credits are intended to shift the tax burden more to firms outside the state, but also disproportionately benefit capital-intensive industries (such as auto makers, who will pay less than currently.) See the <a href="http://www.michiganvotes.org/2007-HB-4367">Paul Condino substitute</a> and the analysis <a href="http://www.legislature.mi.gov/documents/2007-2008/billanalysis/House/htm/2007-HLA-4367-8.htm">here</a> for more details.