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Wed May 11, 2011
State Senate debate continuing on Michigan tax proposal
A Michigan Senate committee isn't yet ready to make a decision on a broad plan that would significantly change business and income tax structures in the state.
The Senate Reforms, Restructuring and Reinventing Committee adjourned Wednesday without a vote on the legislation.
It's still possible the proposal will be voted on in the Republican-led Senate as early as Thursday.
The plan backed by Republican Gov. Rick Snyder would cut overall business taxes 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.