07/30/2007
CONTACT: Charles Owens, 517-485-3409 or Jason Brewer, 202-406-4435
Spreadsheet program allows small-business owners to estimate tax liability under new MBT
LANSING, Mich. -- The National Federation of Independent Business has updated its small-business tax calculator to help small businesses compute their estimated tax liability under the new Michigan Business Tax (MBT).
The NFIB/Michigan tax calculator is an Excel 2003 spreadsheet. It allows users to determine approximate tax liability under the MBT signed into law this summer by Gov. Jennifer Granholm. The calculator is available to the public via the link below.
"This calculator is designed to be a helpful tool for small-business owners as they confront a brand new business tax code," said Charlie Owens, NFIB/Michigan state director.
The calculator was instrumental in educating small-business owners and legislators throughout the process of replacing the much loathed Single Business Tax.
"Although NFIB/Michigan did not support a specific replacement plan, we provided the calculator as a public service to stimulate debate and comparison among the alternatives proposed", said Owens. "Ultimately, the calculator helped ensure that small businesses were treated fairly as the new tax plan took shape".
The spreadsheet will only calculate from information provided by the user. It is the responsibility of the user to determine if the data they input is correct, relative to their specific tax situation. The spreadsheet is intended to give the average in-state Michigan business an approximation of tax liability under the MBT. More information about the application of the spreadsheet is available at the Web site.
