House Passes Michigan Business Tax
May 2, 2007May 2, 2007. House Democrats created a new replacement tax labeled as the Michigan Business Tax - a combination of business income tax at 6.95% and a net worth tax at .488%. The Michigan Business Tax was substituted into HB 4367 on Thursday, April 26th, passed out of House Tax Policy Committee on May 1st and passed out of the House on May 2nd. The plan is the first to be approved by a chamber of the Michigan Legislature. The plan now proceeds to the Senate where it will be assigned to the Senate Finance Committee.