2007 House Bill 5104 (Revise “deferred assets” taxation under new state business tax ) (Senate Roll Call 370)
Passed in the Senate (25 to 12) on September 28, 2007, to revise the profits tax component of the new ”Michigan Business Tax” to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”). . [History, Amendments & Comments]
The vote was 25 in favor, 12 opposed, and 1 not voting
(Senate Roll Call 370 at Senate Journal 97)
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The following legislators supported 2007 House Bill 5104 (Revise “deferred assets” taxation under new state business tax ):
The following legislators opposed 2007 House Bill 5104 (Revise “deferred assets” taxation under new state business tax ):
| Basham (D) | Brater (D) | Cherry (D) | Clark-Coleman (D) | Gleason (D) | Hunter (D) |
| Jacobs (D) | Olshove (D) | Prusi (D) | Scott (D) | Switalski (D) | Whitmer (D) |
The following legislators did not vote on 2007 House Bill 5104 (Revise “deferred assets” taxation under new state business tax ):
| Clarke (D) |
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Introduced in the House on August 8, 2007, to revise the profits tax component of the new ”Michigan Business Tax” to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”). The bill is "tie-barred" to House Bill 5194, meaning this bill cannot become law unless that one does also. HB 5194 is the "vehicle" bill for a possible increase in the state income tax from 3.9 percent to 4.6 percent
The vote was 108 in favor, 0 opposed and 2 not voting
(House Roll Call 389 at House Journal 94)
Click here to view bill details.
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