The Southfield accounting and business advisory firm Plante & Moran PLLC has launched a new blog to help Michigan businesses and media stay up to date on proposed changes to Michigan business taxation.
The blog, which can be read online at http://tax-blog.plantemoran.com, will provide regular updates on Gov. Rick Snyder’s proposal to repeal the Michigan Business Tax and replace it with a flat 6 percent corporate income tax.
His proposal was unveiled on Feb. 17 and was introduced as legislation on March 1.
The blog will feature:
* Discussion of proposed changes as the bills make their way through the Michigan House and Senate
* Analysis of impact on businesses and business owners
* Links to proposed legislation
“The proposed changes to the state tax code will have a tremendous impact on all Michigan businesses,” said Curtis Ruppal, leader of Plante & Moran’s state and local tax practice and lead contributor to the blog. “Governor Snyder has indicated that he would like to have his budget approved by the end of May, but there are sure to be a number of changes and alternatives posed to the legislation before it is approved. Plante & Moran is committed to maintaining a leadership role in understanding and communicating these changes to businesses and the media.”
Highlights of the proposed replacement tax include:
* Altering the state’s corporate tax structure to impose a 6 percent flat tax on all C corporations
* Elimination of all tax incentives, including Brownfield, Michigan Economic Growth Authority and alternative energy credits; instead, the economic development incentives would be in the form of appropriated grants
* Elimination of business tax credits, except the small business credit
* An end to personal income tax exemptions for public and private pension distributions
Plante & Moran provides clients with tax, audit, risk management, financial, technology, business consulting, and wealth management services. Plante & Moran has a staff of more than 1,600 professionals in 21 offices throughout Michigan, Ohio, and Illinois with international offices in Shanghai, China; Monterrey, Mexico; and Mumbai, India.