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) - May 3, 2007
Legislation - Bill Passed (Senate) (20-17) - May 3, 2007 (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) - March 27, 2007
Title: Business Income Tax
Sponsors
- Nancy C. Cassis (MI - R) (Out Of Office)
