Small Business Praises Income Tax and Corporate Tax Cuts Passed by the Senate

Date: February 15, 2022

Urges Quick Action by the House and Governor

February 15, 2022 (LANSING)NFIB praised the Michigan Senate for passing Senate Bill 768, sponsored by Senator Aric Nesbitt (R-26), which would cut the Personal Income Tax and Corporate Tax to 3.9 percent:

“NFIB and its members have always advocated for tax reductions that are broad-based, which is why we enthusiastically support Senate Bill 768,” said NFIB State Director Amanda Fisher. Although many think that the Corporate Tax is only paid by big corporations, Fisher pointed out that approximately 40 percent of small businesses are organized as C corps and are paying a 6 percent rate. The rest of small businesses pay their business taxes through the Personal Income Tax.

“SB 768 is a win for ALL small businesses in Michigan who have been struggling over the past two years,” continued Fisher. “NFIB can’t think of a better way to use ongoing budget surpluses than to return it to the hardworking taxpayers who provided it in the first place. In addition, according to a recent Tax Foundation report, this legislation would put Michigan in the top ten for most competitive tax climates – a plus when trying to attract new business to Michigan.”

Fisher indicated that this bill was one of the top items for NFIB’s Main Street Agenda for 2022. Click HERE to see the full legislative agenda.

“We are grateful to Senator Nesbitt and Senate Leadership for ensuring that tax relief is front and center in ongoing budget conversations,” said Fisher. “We are calling on the Governor to continue the partnership and compromise with the legislature that marked the last weeks of December 2021 and support tax policy that does not pick winners and losers. NFIB stands ready to work with Michigan’s elected officials to use this unique budget opportunity to help our small businesses not only recover from the past two years, but to thrive.”

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Related Content: Small Business News | Michigan

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