To eliminate the link between the Michigan estate tax and the federal estate tax, which would establish a permanent Michigan estate tax on estates of $1 million or more. Assets attributable to family owned businesses, including farms, would be excluded from taxation. A House Fiscal Agency bill summary reports that the effective tax rate would be 5.3 percent.   Official Text and Analysis.

To eliminate the link between the Michigan estate tax and the federal estate tax, which would establish a permanent Michigan 5.3 percent estate tax on estates of $1 million or more. Assets attributable to family owned businesses, including farms, would be excluded from taxation. This would increase the amount of tax paid by estates by $90 to $120 million a year.