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Indiana, Michigan Changing Business Tax Laws
Author: Scarinci Hollenbeck, LLC
Date: March 5, 2014
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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“Changing a very uncompetitive, outdated tax structure has been a top priority of this administration right from the beginning,” Lt.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
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