SOUTHFIELD – Governor Snyder, in keeping with his campaign promise to promptly address the current Michigan Business Tax, released a draft of his administration’s corporate tax plan for Michigan businesses.
Below are some of the key highlights from UHY Advisors Tax and Business Consultants:
Effective date appears to be January 1, 2012
A 6 percent tax imposed on the apportioned income (subject to modifications similar to the MBT) of C Corporations.
S Corporations, Limited Liability Companies and individuals would not be subject to the tax.
A credit against the tax is available for qualifying “small business” (e.g. less than $20 million in gross receipts and income less than $1.3 million).
The proposal eliminates all other credits available under the MBT including the refundable property tax credit.
The proposal retains the unitary group concept of the MBT – but only for C corporations.
Estimates and filing due dates are the same as the MBT.
This is just a proposal at this time and a number of items can be changed during the politicking process of the passage. Remember that the MBT has not yet been repealed, so estimated tax payments should continue to be made for this year.
We will continue to monitor this proposed plan and keep you informed of any changes to the tax landscape in Michigan. If you have any questions please contact your professional at UHY LLP in Southfield 248-355-1040 or Sterling Heights 586-254-8141, or visit us on the Web at uhy-us.com.
At UHY Advisors, Inc. we deliver professional financial, tax, and business consulting services to mid-sized and larger companies we refer to as the dynamic middle market. As professionals we are constantly evaluating opportunities to propel incremental growth, avoid financial pitfalls, and reduce costs. We call our philosophy The Next Level of Service. Our clients tell us it?s what sets us apart. UHY Advisors-MI, Inc is the 7th largest professional services firm in the southeast Michigan and UHY Advisors, Inc is one of the Top 20 professional services firms as ranked by Accounting Today.
UHY LLP is a full service national accounting firm with international resources and a broader range of services that include: SEC audits, Internal Audit and Sarbanes Oxley Reporting as well as Turnaround and Transaction Services. These additional services have been part of the growth of UHY Advisors and their commitment to meet the demands of middle market clients. In accordance with Public Accounting Report 2009, UHY ranked 4th in net new SEC audits gained and 5th for net increase audit fees.
For additional information please visit us on the Web at www.uhy-us.com.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of ?UHY Advisors.? UHY Advisors, Inc. and its subsidiary entities offer services from offices across the United States.UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services. UHY Advisors, Inc. and UHY LLP are independent U.S. members of Urbach Hacker Young International Limited.
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