By Staff
LANSING - The state Senate Thursday passed their new business-tax proposal to make Michigan more attractive to businesses and provide long-term economic growth, said Sen. Ron Jelinek
The Business and Economic Stimulus Tax, referred to as the BEST plan, will provide a fair and equitable tax structure while diversifying Michigan's economy, creating jobs and making the state more competitive. It provides a tax cut to job providers, and replaces $1.56 billion of the $1.85 billion generated by the current Single Business Tax.
Significantly, more than 100,000 businesses - or more than 90 percent of the 108,000 businesses that currently pay the Single Business Tax - benefit from the BEST plan. In addition to the 25 percent Personal Property Tax credit, the plan completely exempts new industrial equipment purchased in 2008 and beyond.
Senate Bills 94 - 96 now move to the House for consideration. Details on the BEST plan are available at www.senate.michigan.gov/gop.