BEST plan moves forward with Richardville amendment
LANSING - State Sen. Randy Richardville today offered an amendment to the Business and Economic Stimulus Tax (BEST) plan and the revised package has moved one step closer to providing Michigan businesses and families a fair, broad-based business tax that provides incentives for economic growth.
Richardville amended the BEST plan to ease the tax liability and filing requirements for small businesses. The amendment eliminated a $150 fee that small businesses would have been required to pay.
“This amendment will be beneficial for more than 30,000 small businesses,” said Richardville, R-Monroe. “It will help prevent the businesses from having to file a return by preserving their current filing threshold.”
The BEST plan will provide a business tax cut of approximately $300 million per year. In addition to the 25 percent Personal Property Tax credit, the plan completely exempts new industrial personal property purchased in 2008 and beyond and provides that firms with less than $25 million in gross receipts that create 20 jobs each year would pay no taxes up to five years.
Senate Bills 94 - 96 remain on the Senate calendar.
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Posted: Tuesday, March 27, 2007
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