Insider Intelligence

This week, the Senate Finance Committee heard testimony on a bill seeking to reduce the Corporate Income Tax (CIT) rate in Michigan. Introduced by Senator Jon Bumstead (R-Newaygo), the bill would lower the current rate of 6% to 5.5% from January 1, 2021 through December 31, 2021 and another reduction would take place on January […]

The House passed legislation this week that would help businesses that would be harmed under 2017 federal tax changes. The change places a $10,000 cap on the amount of state and local taxes paid that can be deducted from federal taxes. However, this only applies to S Corporations, partnerships, and limited liability companies. The legislation […]

Businesses that require social gatherings for customers and have experienced disrupted operations due to COVID-19 epidemic orders now have additional time to make their December sales, use, and withholding tax monthly payment. Effective immediately, they can postpone filing and payment requirements until January 20, 2021 and the Michigan Treasury Department will waive all penalties and […]

Businesses or personal property owners who aren’t able to pay summer property taxes for this year may have their fees or interest waived if they sign an affidavit stating they have been financially impacted by COVID-19 under legislation that passed the House. Additionally, the proposal, introduced by Representative James Lower (R-Greenville) requires local tax collectors […]

Michigan homeowners who were unable to move in to their new homes before June 1 due to COVID-19 could see property tax relief under legislation sent to Governor Gretchen Whitmer. The bill, introduced by Senator Roger Victory (R-Georgetown Township), would extend the time frame a new homeowner has to file their paperwork to receive the […]

House Appropriations Chairman Shane Hernandez (R-Port Huron) has called on the State to mirror the Federal government and delay the tax filing deadline to July 15. According to the Chair, this would help taxpayers and tax preparers who may have difficulty meeting the April 15 deadline due to the stay-at-home order. Additionally, this would help […]

Representative Rodney Wakeman (R-Saginaw Twp.) introduced legislation reducing the state’s income tax rate incrementally until it’s eliminated. Under the proposal, the current rate of 4.25% would be reduced to 3.9% in 2021 and would phase out an additional 0.1% each year beginning in 2022 until eliminated. In 2007, then-Governor Jennifer Granholm and the legislature agreed […]

Representative Ryan Berman (R-Commerce Twp.) testified in support of his legislation that creates an income tax credit for donations to community foundations. The proposal, which is part of a bipartisan two-bill package, incentives taxpayers to contribute to worthy charitable causes such as homeless shelters, food banks, and others. For an individual taxpayer, the credit cannot […]