Legislative package to improve competitiveness gets OK in Michigan
Michigan has simplified its tax structure in an effort to improve the state’s economic competitiveness. A set of new laws eliminates the Michigan Business Tax, simplifies the tax code, and reforms the way the state taxes retired residents.
Gov. Rick Snyder recently signed the eight-bill package. “The current tax system is riddled with inequities that are hostile to job growth,” Snyder said in a statement. “Eliminating these longstanding barriers will level the playing field for taxpayers, encourage entrepreneurship and spur more investment in Michigan. Working in conjunction with other reforms, such as a balanced state budget and refocused economic development strategies, the overhaul of our tax structure lets job providers nationwide know that Michigan is the place to be.”
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