Tax Cuts for Small Business Need to Be a Part of Budget Negotiations

Date: May 04, 2022

Michigan has a lot of money to spend. Between one-time federal money, one-time state budget fund money, and ongoing budget surpluses, NFIB has been working with legislative leaders for tax cuts that are broad-based rather than offering economic incentives to certain industries. The House and Senate successfully passed a cut to the personal income tax (SB 768), which would have included relief for small businesses who file as pass through entities. Unfortunately, Governor Whitmer vetoed that legislation. 

As budget negotiations ramp up, there is still a chance for some sort of tax cut for could for small businesses in Michigan! In fact, the general government budget, SB 831, passed out of senate committee on April 26 with $2 billion set aside for tax relief.

However, the groups asking for more money toward their government funded programs are loud and consistent. We need small business owners to flood the inboxes of legislators and the governor and tell them that small businesses need help.  Take Action Today! 

Related Content: Small Business News | Michigan

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