The Detroit Free Press (At last, state has business tax deal), mLive (Finally — agreement on biz tax) and the Lansing State Journal (Business leaders welcome tax plan) report that Gov. Granholm and leaders of the House and Senate have finally come to a deal to replace the expiring Single Business Tax and the $1.9 billion dollars it generated.
The plan (which still has to clear the House and Senate), will cut taxes by as much as 50% for businesses that hire Michigan workers, build facilities and conduct research and development in the state. This will be accomplished by raising taxes on insurance companies and companies based in other states.
Saul Anuzis at the Michigan Republican Party blog finds it ironic that we shifted a greater tax burden to successful enterprises in Michigan who are creating jobs, such as banks, insurance companies and real estate. Meanwhile, Michigan Liberal’s Hazen Pingree (still quite fit at the age of 147) thinks that this is not the deal Amway Guy, the Chamber, and L. Brooks Patterson had in mind when they rammed the repeal through last year.