Dump Michigan Business Tax for 6 percent corporate income tax

By: Associated Press
By: Associated Press

Republican Gov. Rick Snyder says he'll recommend in his first budget proposal that the Michigan Business Tax be replaced with a 6 percent corporate net income tax.

Snyder talked during the gubernatorial campaign about making the switch, but hadn't put a timetable on how soon he would implement it.

He said Wednesday during his first State of the State address that the change will be included in his mid-February budget proposal.

It could deepen the state's budget shortfall by as much as $1.5 billion. Michigan already faces a shortfall of around $1.8 billion in the fiscal year that starts Oct. 1.

Business groups say they like the idea of lower taxes, but they're still waiting for specifics on how Snyder's new corporate tax would work.

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