State Issues: Michigan Business Tax Amendments
Last Updated: June 9, 2008
Overview:
The Michigan Business tax (MBT) was enacted in 2007 as a replacement to the Single Business Tax (SBT). The MBT is partially based on a business’ gross receipts.
Position:
SIFMA believes the MBT assesses hugely disproportionate taxation on the securities industry and supports the technical amendments to the Michigan Business Tax included in HB5413.
Status:
HB 5413, including the technical corrections to the MBT advocated by SIFMA, was approved by Governor Jennifer Granholm (D) and transmitted to the Secretary of State on December 31, 2007. PA207/L.2007 became effective immediately.
