Gov Jennifer Granholm outlines her new state business tax plan that provides $150 million in tax relief for state companies.
Legislative Republicans have responded positively to the governor's call for a new Michigan Business Tax that she says will stimulate the state's sluggish economy while at the same time protecting the state budget from ore cut backs. The so-called MBT provides tax relief to 111,000 businesses and would result in a tax hike for 34,000 businesses if enacted. Hit by that would be insurance companies, banks, and real estate firms.
The governor says her plan has more winners than the proposals made by the Michigan and Detroit Chambers of Commerce. Senator Nancy Cassis, who chairs the Senate Finance Committee called it a "serious proposal," and she says she is pleased with what the governor has submitted.