Senate passes vital economic revitalization legislation
LANSING — A bill that will fix a structural problem in the Michigan Business Tax by amending the definition of “gross receipts,” essentially eliminating the current “tax on a tax,” was sent to the governor Friday, said Sen. Mark C. Jansen.
The measure will provide tax relief to an estimated 50,000 Michigan job providers.
“This legislation pushed by the Senate will make a huge statement of action to our critical Michigan businesses. My Senate Republican colleagues and I worked hard to get this vital measure approved,” said Jansen, R-Gaines Township. “I’m glad to see this job creation roadblock eliminated. Plain and simple, this bill will help local businesses save money.”
Senate Bill 1038 now heads to the governor to be signed.
“I strongly encourage the governor to sign this bill into law as soon a possible,” Jansen said. “We need to do everything we can to aid Michigan businesses and this is a huge step in that direction.”
The legislation exempts sales taxes and fees from the gross receipts portion of the MBT, and exempts interest and dividend income from tax-exempt federal or state securities.
Posted: Friday, December 19, 2008
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