Introduced
by
To revise the profits tax component of the new <a href="http://www.michiganvotes.org/2007-SB-94">”Michigan Business Tax”</a> to add a new deduction for businesses that realize an increase in their deferred tax liability due to the enactment of the new tax. Reportedly this liability could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”).
Referred to the Committee of the Whole
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To place a five-year sunset on the amendment the bill would make to the new Michigan Business Tax.
The amendment failed 16 to 22 (details)
Passed in the Senate 26 to 12 (details)
Referred to the Committee on Tax Policy
Motion
by
That the Committee on Tax Policy be discharged from further consideration of Senate Bill No. 687.
The motion passed 109 to 0 (details)
Referred to the Committee on Tax Policy
