On Thursday, February 17th Governor Snyder presented his Fiscal Years 2012 and 2013 executive budget recommendation to a joint session of the House and Senate appropriations, finance, and tax policy committees.

The Governor followed through on his campaign promise by including in the proposed budget a repeal of the Michigan Business Tax (MBT) and replacing it with a flat 6% corporate income tax. The overriding objective as self-described by the Administration is to position the Michigan tax system as “more simple, fair and efficient.” The Administration is targeting May 31, 2011 for the Legislature to adopt the budget. 

We will continue to follow this topic closely and encourage you to sign up for our “State & Local Tax E-Alert – Michigan” to ensure you stay informed of the changes and what they could mean to you.

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