LANSING – State Representative Joan Bauer (D-Lansing) will host a business roundtable to discuss the state's new business tax, the Michigan Business Tax (MBT), a comprehensive solution to replacing the Single Business Tax (SBT) that rewards investment, protects Michigan-based companies, and safeguards funding for education, health care, and police and fire protection.
The roundtable is scheduled for 8:30 a.m. on Tuesday, July 17 in the Mackinac Room in the HouseOfficeBuilding located at 124 N. Capitol Ave. in Lansing. Panelists will include State Rep. Steve Bieda (D-Warren), chair of the Tax Policy Committee, State Rep. Brian Calley (R-Portland), member of the House Tax Policy Committee, and Stephanie Schmidt, a House tax policy analyst.
"The Michigan Business Tax is exactly what we need to get Michigan's economy moving forward," Bauer said. "However, many of our residents and business people don't know how the MBT will help them or Michigan. This roundtable discussion is intended to provide an overview of the new Michigan Business Tax and answer questions."
About 75 percent of businesses in Michigan would pay less in taxes under the MBT. The MBT, among other things, will:
- Provide over $600 million in new tax credits that reward Michigan businesses for investment, compensation, and research and development.
- Reward capital investment by cutting the Personal Property Tax by an average of
67 percent for manufacturers and 23 percent for commercial businesses, while also protecting funding for local units of government. - Boost job creation by providing credits for investment in Michigan and for Michigan payroll.
- Help small businesses by exempting companies with less than $350,000 in gross receipts from taxation. Businesses with up to $20 million in gross receipts will pay reduced rates. The plan also enhances existing small-business tax credits.
- Protect education, health care, police and fire protection, and other essential services by ensuring revenue-neutrality.
The event is free and residents are encouraged to attend.