Single Business Tax Overhaul Proposed

By: Associated Press
By: Associated Press

Governor Granholm today urged state lawmakers to pass her new business tax plan, which she says has the nation's lowest rates.

Businesses would be taxed at one rate on their gross receipts and assets, while profits would be taxed at a higher rate.

Unlike the current Single Business Tax, the new tax wouldn't include payroll or benefits in calculating what's due.

It's designed to bring in the same amount of tax revenue that businesses now pay. Most small businesses wouldn't have to file, but insurance companies would pay a slightly higher premiums tax.

Governor Granholm has called on lawmakers to pass the plan before they end their session in coming weeks. A Senate committee was to take up the measure later today.

GOP leaders say they'll consider the plan.

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