TITLE

Michigan Tax Reform Includes Combined Reporting and Sales-Only Apportionment

AUTHOR(S)
Schadewald, Michael
PUB. DATE
November 2007
SOURCE
Journal of State Taxation;Nov/Dec2007, Vol. 26 Issue 1, p9
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the tax reform that enacted by Governor Jennifer Granholm in Michigan. It relates that the landmark legislation repeals the Michigan single business tax replaces it with a 4.95% business income tax and a 0.80% modified gross receipts tax that applies to business activity. The reform made the insurance companies enable to a premium tax on gross direct premiums, and franchise tax on the value of their net capital for financial institutions. Moreover, the business income tax base is a federal taxable income that adjusted for numerous addition and subtraction modification. Furthermore, the modified gross receipts tax base is a taxpayer's gross receipts reduced by purchases from other firms including acquisition of inventory, depreciable assets,and supplies.
ACCESSION #
27535090

 

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