Senate passes BEST plan with Richardville amendments
LANSING - The state Senate today approved the Republican Business and Economic Stimulus Tax (BEST) plan to help jump-start and diversify Michigan's economy, said Sen. Randy Richardville, who offered several amendments to the proposal.
"The BEST legislation has moved one step closer to providing Michigan businesses and families with a fair, broad-based business tax that provides incentives for economic growth," said Richardville, R-Monroe. "The plan will create jobs, make the state more competitive and attractive to businesses, provide a long-term solution for economic growth, and provide a fair and equitable tax structure."
The BEST plan provides a tax cut to job providers, and it replaces $1.56 billion of the $1.85 billion generated by the Single Business Tax.
Richardville amended the plan to include tax credits for community and education foundations, higher education foundations and institutions, public broadcasting stations and public libraries. He also offered an amendment to restore the historic preservation tax credit.
"These credits were previously included in the SBT," Richardville said. "They are important for community and educational groups across the state."
Significantly, more than 100,000 businesses-or more than 90 percent of the 108,000 businesses that currently pay the Single Business Tax-benefit from the BEST plan. In addition to the 25 percent Personal Property Tax credit, the proposal completely exempts new industrial equipment purchased in 2008 and beyond.
Senate Bills 94 - 96 now move to the House for consideration.
Posted: Thursday, May 03, 2007
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