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.