Introduced
by
To increase the Single Business Tax apprenticeship credit from $2,000 to $3,000, and increase the cap on the level of gross sales that allows small businesses to determine its SBT liability using a simpler alternative method that results in a lower tax.
Referred to the Committee on Tax Policy
Reported without amendment
A new version of the bill that uses it as a legislative "vehicle" for a House Republican business tax cut proposal. This was assembled as an alternative to Gov. Jennifer Granholm's revenue-neutral Single Business Tax revision proposal. It would use some of the money generated by ”securitizing" the future revenue stream from the 1998 tobacco company lawsuit settlement to partially subsidize Medicaid spending for a few years, and use the freed-up tax revenue to partially “pay for” an array of business tax cuts, including a credit against the personal property tax on business equipment, elimination of the SBT that is levied on employee health insurance costs paid by employers, a future permanent SBT rate reduction (once SBT tax revenue exceeds a certain threshold), and gradual reductions in the rate of an existing SBT “alternative” tax for some small businesses. See also House Bills 4972 4973 and 5048.
