Introduced
by
To eliminate the link between the Michigan estate tax and the federal estate tax levied on a person’s assets upon death, which would establish a permanent Michigan estate tax on estates of $2 million or more. Assets attributable to family owned businesses, including farms, would be excluded from taxation. Past House Fiscal Agency summaries of previous bills reported that the effective state tax rate would be 5.3 percent, on top of any federal estate tax.
Referred to the Committee on Finance
