House Democrats Working on Tax Plan Details
April 9, 2007April 9, 2007. Last Thursday, House Democrats stated that they will replace the SBT with a business income tax and a net worth tax. The net worth tax is being designed to put more of the tax burden on companies located outside of Michigan. The bill is still being written and may be introduced by the end of this week. In addition, the industrial and commercial personal property tax will be completely eliminated, but local governments will be held harmless. Democrats have said that 50 bills will be introduced as part of their budget fix and tax restructuring plan. The plan will include the Governor's proposed "sin" tax hikes on tobacco and liquor. More details to come -- soon, we hope.