Tax clarification bill signed by governor

Gov. Rick Snyder yesterday signed cleanup legislation needed to clarify tax changes approved as part of the state budget agreement. Under that agreement, businesses that previously qualified for tax credits under the old Michigan Business Tax have the option of continuing to pay taxes based on the MBT until the credits expire, or immediately switching to the new flat-rate Corporate Income Tax. House Bill 4947, sponsored by state Rep. Jud Gilbert, clarifies how to calculate taxes during the transition period. The bill also simplifies reporting requirements for the Michigan Economic Growth Authority Employment Tax Credit. H.B. 4947 is now Public Act 209 of 2011. Details about the bill may be found online at www.legislature.mi.gov. Published: Thu, Oct 27, 2011