Posted on Mon, Feb 14, 2011 : 12:55 p.m.
Michigan business leaders anticipate tax restructuring as Gov. Rick Snyder prepares budget
By Paula Gardner
Gov. Rick Snyder campaigned on business tax reform and now is finalizing his first state budget as Michigan's governor.
What that means for business leaders in the state is anticipation and hope that the Michigan Business Tax finally will be replaced with a better system, according to a recent report by Mark Sanchez at Business Review West Michigan.
"Rather than looking at crafting a business tax predicated on what state government needs to generate in revenue, the debate this time is going to fashioning a tax structure that makes Michigan more competitive," according to the story.
Snyder will release his budget on Thursday, then the Legislature will have to approve it.
Read the full report here.
Comments
David Briegel
Wed, Feb 16, 2011 : 1:52 p.m.
Why didn't you know what he would do before you voted for him?
Bertha Venation
Tue, Feb 15, 2011 : 3:18 p.m.
I' m willing to try something new. Nothing else has worked in the past.
DonBee
Mon, Feb 14, 2011 : 10:43 p.m.
I think a better way to put it is: Gov. Snyder will propose, the lobbyist will lobby, the house and the senate will fiddle with it, the lobbyist will lobby more, yet more fiddling will result and finally something will result. Will it resemble what went in? Probably not? In the mean time Rome (oops Michigan) will continue to burn.
Craig Lounsbury
Tue, Feb 15, 2011 : 1:06 a.m.
and who can argue with that?
Mush
Mon, Feb 14, 2011 : 9:16 p.m.
The Michigan Business Tax contains lots of exemptions and credits. For example, mom and pop businesses typically pay $0. If the MBT is completely eliminated and not replaced with a different business tax, then an additional $2 billion in spending cuts will be necessary. If it's replaced, then it's conceivable that many, maybe even all, of the small business exemptions and credits will be eliminated. The MBT is a very unpopular tax (even among business that pay $0), but if you wish to scrap it, be careful what you wish for, since you may like the alternative a whole lot less.