Friday, May 20, 2011

MBT Repeal: House Bills 4361 & 4362, now what?

Many business people have been waiting years to finally hear that the MBT (Michigan Business Tax) has been repealed.

Unfortunately, due to the circumstances surrounding the repeal of the MBT, many business owners find themselves in an awkward position.

Should we celebrate?

What happens now?

One thing is almost certainly true. Newly elected Governor Rick Snyder came through on his promise to help business people in Michigan. One of his major campaign promises was the repeal of the MBT. With the legislation previously mentioned already passed through the Michigan State House and Senate, it is a near guarantee that this legislation will be finalized and signed into law. With that said, what should businesses expect as a result of these changes?

This is part one of a multi-part posting relating to these bills which significantly change Michigan business and personal taxation.

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