House Bill 4121
Sponsor: Rep. Steve Vear
Committee: Tax Policy
Complete to 3-19-99
A SUMMARY OF HOUSE BILL 4121 AS INTRODUCED 2-2-99
The bill would amend the Single Business Tax Act to allow taxpayers, beginning with tax years after December 31, 1998, to deduct from their SBT tax base $250,000 and an additional amount calculated as follows: 90 percent of gross receipts over $250,000 but less than $261,000; 80 percent of gross receipts between $261,000 and $272,000; 70 percent of gross receipts between $272,000 and $283,000; 60 percent of gross receipts between $283,000 and $294,000; 50 percent of gross receipts between $294,000 and $305,000; 40 percent of gross receipts between $305,000 and $316,000; 30 percent of gross receipts between $316,000 and $327,000; 20 percent of gross receipts between $327,000 and $338,000; and 10 percent of gross receipts of at least $338,000 and less than or equal to $350,000.
[Firms below the gross receipts threshold of $250,000 are not subject to the single business tax and need not file a return.]
MCL 208.9
Analyst: C. Couch