There's plenty of talk flying around on Michigan Gov. Rick Snyder's various proposals for tax reform in the state, but most people don't have the time or know-how to thoroughly research the proposals or understand the fine print.
Traverse City tax firm Plante & Moran is starting a statewide
tax blog to help keep their business and personal clients up-to-date on the tax reforms, as well as serve as a neutral, expert point-of-view for media outlets to consult.
"Plante & Moran is committed to maintaining a leadership role in understanding and communicating these changes to businesses and the media," says Curtis Ruppal, leader of Plante & Moran's State and Local Tax practice and lead contributor to the blog.
The blog will provide regular updates on the governor's proposal to repeal the Michigan Business Tax and replace it with a flat tax of 6 percent on corporate income. The proposal was revealed Feb. 17 and was introduced to the Legislature March 1, but is still under discussion in the state House and Senate.
Some of the topics Plante & Moran plan to address on the blog are discussion of proposed changes along the way as the legislation is amended and explored by legislators, analysis of the impact it can have on businesses and business owners, and links to proposed legislation.
"The proposed changes to the state tax code will have a tremendous impact on all Michigan businesses," says Ruppal. "Gov. Snyder has indicated that he would like to have his budget approved by the end of May, but there are sure to be a number of changes and alternatives posed to the legislation before it is approved."
Changes proposed in the tax reform bill include a 6 percent flat tax on C corporations, eliminating tax incentives like brownfield, alternative energy and economic development credits and replacing them with appropriated grants, eliminating business tax credits except for small businesses, and ending personal income tax exemptions for pensions.
Plante & Moran has 21 offices in Michigan, Ohio and Illinois, as well as international offices in China, Mexico and India.
Writer: Sam EgglestonSource: Curtis Ruppal, Plante & Moran
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