Michigan Governor Signs Business Tax Changes
May 26, 2011
Yesterday, Michigan Governor Rick Snyder (R) signed into law a business tax reform that replaces the state’s troublesome MBT gross receipts tax with a 6% corporate income tax. (For more on why gross receipts taxes are economically destructive, see here and here.) The Michigan bill also subjects pension income to the state’s individual income tax.
We reviewed the details in the plan here.