FOR IMMEDIATE RELEASE
March 1, 2022 (LANSING) – NFIB praised the Michigan House of Representatives today for passing Senate Bill 768, sponsored by Representative Matt Hall, that would reduce the Personal Income Tax rate to 3.9 percent.
“NFIB and its members have always advocated for tax reductions that are broad-based, which is why we support SB 768,” said NFIB State Director Amanda Fisher.
There is a myth that if businesses don’t pay the Corporate Tax, they are not required to pay businesses taxes, and this is simply not true. A majority of small businesses in Michigan are “flow-through” entities and pay their business taxes through the personal income tax. “A rate reduction in the personal income tax will result in a tax cut for approximately 60 percent of small businesses in Michigan,” continued Fisher.
“SB 768 is a win for many small businesses in Michigan who have been struggling over the past two years,” stated Fisher. “NFIB can’t think of a better way to use ongoing budget surpluses than to return it to the hardworking taxpayers who provided it in the first place.”
Fisher indicated that this bill was one of the top items for NFIB’s Main Street Agenda for 2022. Click HERE to see the full legislative agenda.
“We are grateful to the House for continuing the discussion of broad-based tax relief that does not pick winners and losers and think SB 768 as passed by the House is a great start,” said Fisher. “NFIB stands ready to work with Michigan’s elected officials to use this unique budget opportunity to help our small businesses not only recover from the past two years, but to thrive.”
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.