Michigan Bill to Replace Single Business Tax
by AccountingWeb on
The Michigan Legislature is considering a bill designed to replace the "single business tax." The bill, MI HB 4546, would enact a "commercial activity tax" in lieu of the single business tax that expires at the end of 2007.
As the bill is currently worded, the 3.05 percent tax would apply to all types of businesses – although many industries will ask to be exempted if it is passed.
The bill was referred to the House Tax Policy Committee.