Single Business Tax (SBT) Elimination Advances in Michigan Senate
June 23, 2005
The Michigan Senate Finance Committee recently reported SB 633 to the full Senate. This bill would phase out the state’s Single Business Tax (SBT)–the only modified value added tax (VAT) in the United States–over a period of 18 years from 2007 to 2025. We recently released a Fiscal Fact which showed that Michigan could significantly improve its business climate by eliminating the SBT.