Improved BEST plan passes Senate
LANSING - The state Senate today passed the Republican proposal to jump-start and diversify Michigan's economy and create jobs, said Sen. Mark Jansen, R-Gaines Township.
The Republican Business and Economic Stimulus Tax (BEST) plan also will 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 most pertinent aspect of the BEST proposal and these discussions is the potential to create jobs for Michigan workers," said Jansen, a member of the Senate Committee on Finance. "BEST is the broadest and fairest tax plan on table and is the best vehicle to create jobs."
The Senate Committee on Finance convened five hearings on the BEST plan across the state, including Grand Rapids, and heard from economists, small and large businesses, and interest groups, including education, auto, retail, manufacturing, insurance, and banks.
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.
"I added language to the legislation that will encourage companies to keep their headquarters here," Jansen said. "It is important for companies that call Michigan home to be encouraged to stay in Michigan and grow. The BEST plan will make our state more attractive to companies and help retain the ones that are already established here."
Senate Bills 94 through 96 now move to the House for consideration.
Posted: Thursday, May 03, 2007
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