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Key Votes

Sub for SB 95 - Business Income Tax - Key Vote

Michigan Key Votes

Stages

Family

Issues

Note

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Stage Details

Legislation - Bill Sent To Committee (House) -
Legislation - Bill Passed (Senate) (20-17) - (Key vote)

Title: Business Income Tax

Highlights:
-Establishes a tax of 1.5% on adjusted business income [Sec. 20 (1)]. -Exempts those collecting receipts totaling less than $350,000 from the filing requirement [Sec. 20 (2)]. -Allows those with receipts totaling between $350,000 and $15 million to choose between the business income tax established in this act, and the gross receipts tax established in SB 94 [Sec. 20 (3)]. -Exempts state, local, and federal government, those exempt from federal income tax, non-profit housing corporations, and the agricultural industry [Sec. 21]. -Requires corporate unitary groups to file a single, combined tax return [Sec. 70]. -Does not take effect until the passage of companion bills SB 94 and SB 96 [Enact. Sec. 2].
Legislation - Introduced (Senate) -

Title: Business Income Tax

Sponsors

  • Nancy C. Cassis (MI - R) (Out Of Office)
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