To create a new state business tax structure to replace the Single Business Tax. The new "Michigan Business Tax" has several components, many credits subject to many conditions, and in the aggregate will take as much or possibly more from businesses as the SBT. The main provisions are a .80 percent tax on a firm’s gross receipts, less purchases of tangible goods from other firms (but not services, with some exceptions); and additionally, a 4.95 percent profits or income tax. Business tools and equipments (personal property) would be exempt from 18 mills of local school tax (schools would get this money from the state instead). The “personal property” of industrial firms (but not other firms) would also be exempt from the six mill state school tax. Businesses with less than $20 million in sales would pay an alternative tax of 1.8 percent on profits, as long as profits and officer compensation do not exceed specified levels. Insurance companies would pay a 1.25 percent tax on gross premiums, and financial institutions a .235 percent tax on net capital. In general, the new system reduces taxes on industrial firms, small businesses that don’t exceed specified profit and officer compensation caps, and multistate firms based inside Michigan; and raises them on other types of business. House Bills 4369 to 4372 contain some of these provisions.