Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Indiana, Michigan Changing Business Tax Laws
Author: Scarinci Hollenbeck, LLC
Date: March 5, 2014
Key Contacts
Back
Businesses face many taxes, but a Senate-approved plan in the Indiana House could provide some relief to companies in the state. According to Bloomberg Businessweek, lawmakers are considering amendments that would overhaul the plan for cutting the property tax on business equipment.
The biggest challenge facing Indiana lawmakers is finding a happy medium between cutting the personal property tax without hurting local budgets. One proposal outlines a plan that would cut the corporate income tax from 6.5 percent to 4.9 percent, and eliminate tax credits. Another proposal would allow counties to decide whether or not to cut taxes.
Michigan lawmakers recently announced a plan similar to the one proposed in Indiana. According to MLive, the plan is aimed at personal property tax reform, which is considered to be a win-win for businesses and local governments.
“Changing a very uncompetitive, outdated tax structure has been a top priority of this administration right from the beginning,” Lt. Gov. Brian Calley, who spearheaded negotiations on the new proposal, said following a morning press conference. “And so this package accomplishes that, but the other thing it does is help stabilize, and I think long-term improve, local government revenue streams as well.”
The Senate is expected to vote on the legislation within a week’s time, with the House following suit in March. Should it make it to the ballot, there is expected to be widespread support. States such as Indiana and Michigan are smart to introduce favorable business tax laws, as keeping companies in-state can help boost the state economy. This is important, as some areas are still struggling from the recession experienced in 2007 and 2008.
- Practices: Tax and Trusts & Estates, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.