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Thu May 12, 2011
Close vote expected on broad Michigan tax proposal
Michigan could see some sweeping changes to its tax structure after today's vote.
Michigan's former Senate Majority Leader Mike Bishop sent out this Tweet:
"Here we go ... Senate in caucus now, but will soon emerge to vote on Gov's tax proposal. If it passes, I expect it will be by a vote or 2."
From the Associated Press:
The Republican-led Michigan Senate is preparing for what likely will be a close vote on a proposal that would significantly shake up the state's tax structure.
The vote planned Thursday is on a proposal that would cut overall business taxes by about $1 billion in the fiscal year starting Oct. 1 and $1.7 billion the following year. The key would be replacing the Michigan Business Tax with a 6 percent corporate income tax while eliminating many types of tax credits and exemptions.
Some exemptions on retiree income would end, which has drawn opposition from some Republican lawmakers. Some Republicans also will oppose the measure because it would delay scheduled rollbacks in Michigan's personal income tax rate, which is 4.35 percent.
A committee reported the bill to the Senate floor Thursday.