News & Information
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| For Immediate Release |
Contact: Andy Deloney |
July 11, 2007
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517/377-3931 |
SBT Getting Closer to Extinction – Say Hello to the MBT
As the month of June came to a close,
leaders in the state House of Representatives and the state Senate came to an
agreement with the Granholm Administration on a replacement plan for the
soon-to-expire single business tax. Gov. Jennifer Granholm is expected to sign
the legislation into law very soon.
What is the new
tax?
The new tax, called the Michigan business tax
(MBT), will take effect on January 1, 2008. It is combination of a modified
gross receipts tax and a business income tax. Gross receipts would be taxed at
a rate of 0.80 percent, while business income would be assessed at a rate of
4.95 percent. There are substantial changes for small
businesses with less than $20 million in sales as well as for firms with
considerable personal property in Michigan. There are several credits as well
for employee compensation, research and development, investment via an
investment tax credit, preservation of historical buildings and personal
property.
How will your
taxes be affected by this new plan?
Want to know how this will affect your tax
liability? Contact Andy Deloney at the MRA today at (800) 968-9668. You will receive
via email a full analysis of the new plan as well as access to a tax estimator
program which will give you an idea how much you will
pay.
Founded in 1921, the Michigan Restaurant Association represents more than 4,500 Michigan foodservice establishments. The foodservice industry plays an integral role in Michigan’s economy, employing more than 421,000 people and creating more than $12.3 billion in total annual sales. For more information, call (517) 482-5244.
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