Governor Snyder signed several tax bills on May 25, 2011 in an effort to create a fair and simple Michigan tax structure. In addition, it is hoped that Michigan will be aligned to become more economically competitive for new businesses. These changes will take effect January 1, 2012.
Click here for highlights of the law that will have the most impact on businesses and individual taxpayers.
Note: The Michigan Earned Income Tax Credit is retained but at a reduced rate of 6% of the federal credit. The proposed bill eliminated the earned income tax credit.
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