House Passes Amended SB 94
Wednesday night, the House Democrats continued to make changes to their Business Income/Net Worth tax proposal contained in HB 4367. The House then substituted their amended version Business Income/Net Worth proposal into the Senate "BEST" bill (SB 94) and passed the amended bill SB 94 out of the House. The House passed substitution for SB 94 can be viewed here SB-0094. A broad outline of the changes made from the prior version of HB 4367 can be viewed here House Substitute for SB 94.
The point of this maneuver is to send this bill back to the Senate. There is a one day layover rule so no action can be taken on the bill until Friday. It is expected that the Senate will procedurally reject the amended SB 94 and send it to a conference committee in order to move this process forward. Conferees will then be appointed. There may be time for one meeting next week but then legislators will head up to Mackinac Island for the Detroit Chamber of Commerce Meeting and further meetings will likely be held the week of June 4th. The focus of the Legislature appears to be on resolving the current year budget problem this weekend and dealing with next year's budget issue and the new tax plan soon after.