Business Tax Replacement Deal Near

By: Associated Press
By: Associated Press

State leaders were working today to finalize what could be a tentative agreement for a long-awaited replacement of Michigan's main business tax.

The tentative deal would replace all of the money now brought in each year by the Single Business Tax, which expires at the end of this year.

The revenue neutrality of the plan was considered an important piece of helping Michigan tread water during its ongoing state government budget crisis.

Spokespeople for Governor Granholm and legislative leaders from both the Republican and Democratic parties said a tentative deal on the business tax was close.

The Legislature could vote on the new tax plan as early as next week if a tentative deal is reached.

Details of what may be included in the new tax plan could be announced later Wednesday.

Watch News 10 at 5 and 6 p.m. for the details.


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