Sub HB 4367 - Michigan Business Tax Act - Michigan Key Vote
Mike Simpson voted Yea (Passage) on this Legislation.
Timeline
- Senate Bill Sent To Committee
- May 8, 2007
- House Bill Passed
- May 2, 2007
- Introduced
- May 2, 2007
Related Issues
Stage Details
Title: Michigan Business Tax Act
Vote Smart's Synopsis:
Vote on a bill that provides for the taxation of business, commercial, and financial activities.
Highlights:
-Assesses a tax of 6.95 percent on business income (Sec. 20). -Assesses a tax of 0.488 percent of net worth on taxpayers with businesses (Sec. 22). -Assess a 1.035% tax on adjusted receipts of insurance companies and a 1.25 percent tax on gross direct premiums written for policies within the state (Sec. 25-28). -Provides a credit for regulated activities, including financial, real estate, and insurance firms (Sec. 40). -Provides a Compensation and Investment tax credit on net capital assets limited to 75 percent of total tax liability (Sec. 41). -Provides a 50 percent refund on personal property and utility property taxes (Sec. 45). -Reduces small business tax liability to 1.8 percent (Sec. 47). -Retains tax credits established by the Single Business Tax Act (Sec. 46-56). -Provides that $203.7 million in fiscal year 2008 and $613.7 million in fiscal year 2009 be disbursed to the School Aid Fund (Sec. 67).
Title: Michigan Business Tax Act
More Info About this Vote
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.