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New State Business tax

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I hope this can help jump start a few things

Lansing - A deal on a new business tax for Michigan appeared imminent this afternoon.

The new tax is expected to combine aspects of competing proposals in the House and the Senate.

Gov. Jennifer Granholm and legislative leaders have been working on a plan for several months.

Granholm spokeswoman Liz Boyd said details were still being worked on but that an announcement could come between 5 p.m. and 6:30 p.m.

Leaders hope the new plan will help revive Michigan's struggling economy.

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Wow, Mike Bishop and Granholm standing within feet of each other, and *gasp* smiling!

http://www.detnews.com/apps/pbcs.dll/artic.../706130472/1003

State leaders unveil business tax pact

Leaders announced today they have struck an agreement to replace the state's expiring business tax that raises the same $1.9 billion as the current tax, cuts levies on equipment by two-thirds and provides tax relief to nearly three-quarters of businesses in Michigan.

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Anything is better than:

Option A) The old SBT (tax businesses on gross instead of profits...great idea!)

Option B) Abolish the SBT with no replacement...bankrupt state gov't.

I hope they didnt' suck it up too bad, but the two alternatives cannot be much worse.

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I simply couldn't believe the crowd that was seriously calling for its cut, but with no replacement. Talk about the height of irresponsibility. IMO, it was worse than leaving the antiquated SBT in place, which was found soon after its abolishment by quite a few analyst not to be a huge deterrent to business and business retention.

BTW, this should probably be moved to the general Michigan forum since it's a state-wide issue.

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I still don't see enough detail to know whether this will affect service industries... that would be the burning question in my mind.

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I assume that that is being left purposefully ambiguous, as the governor still hasn't let on if this means she'll drop her proposal for taxes on additional services.

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