- Posted September 16, 2014
- Tweet This | Share on Facebook
Snyder signs bill paving the way for Mich. companies to continue growing
Last Friday, Gov. Rick Snyder signed legislation clarifying the original intent of the Michigan Business Tax Act to make sure Michigan businesses are not penalized for investing in the state.
"Clarifying the original intent of the 2007 law is a common-sense solution encouraging companies to continue investing and creating jobs in Michigan," Snyder said. "This bipartisan effort allows us to continue the progress we have made over the last four years in order to continue our comeback."
Senate Bill 156, sponsored by state Sen. Mark Jansen, eliminates a loophole created by a 1970 statute that would have given some out-of-state companies a far lower tax liability under the Michigan Business Tax than similar Michigan companies. The loophole, which came to light in a recent court case, would have allowed out-of-state companies to use a different tax formula for 2008 through 2010, giving them an unfair competitive advantage over Michigan businesses.
The Corporate Income Tax replaced the Michigan Business Tax in 2012, simplifying taxpayer compliance and ending the unfair double taxation of small businesses.
The bill, which was approved overwhelmingly by the state Senate and House of Representatives, is now Public Act 282 of 2014.
For additional information on legislation, visit legislature.michigan.gov.
Published: Tue, Sep 16, 2014
headlines Oakland County
- Meet the Judges
- Owner of twice-sunken Lake Michigan barge pleads guilty to felony
- Justice Dept. reaches civil settlement with victims abused by Lawrence Nassar
- Oakland County, Oakland Livingston Human Services Agency launch Oakland County Senior Chore Pilot Program
- U.S. Immigration Court judge to be keynote speaker at law school’s Law Day virtual celebration
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case