To adopt the Senate Republican SBT replacement proposal, which would take in $400 million less than the $1.9 billion the SBT now takes. The so-called “BEST” plan (Business and Economic Stimulus) would impose a 1.5 percent profits tax and and 0.54 percent modified gross receipts tax (sales minus purchases of tangible goods from other firms) on all businesses with more than $15 million in annual receipts. Firms between $350,000 and $15 million in annual receipts could elect to pay either the modified gross receipts or the profit’s tax (firms below that level are exemted.) Insurance companies would be subject to a 1.0735 percent premiums tax, and financial institutions to a 0.225 percent levy on capital or net worth. There would be a 25 percent credit against property taxes paid on industrial and commercial business tools and equipment (“personal property tax”), and going forward new industrial tools and equipment would be exempt from property tax. The proposal contains a variety of other credits for investments that create new jobs, for locating a headquarters in Michigan, small businesses, restaurants that prohibit smoking, and more. This bill contains the gross receipts tax provision.