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Hearing on FAS 109 Issue under New MBT

August 7, 2007
The House Tax Policy Committee will hold a hearing at 10:30 am on Wednesday, August 8th to take public testimony on the issues raised by Federal Accounting Standards Board Statement 109 (FAS 109) as it relates to the Michigan Business Tax.  The MBT originally had a provision within it that would have provided a deferred credit to entities that had a deferred tax liability as a measure to ease the FAS 109 consequences.  The relief provision was stricken in the last 24 hours before passage of the MBT.  A number of businesses are hoping to see the Legislature address this issue in the next quarter.