Legislation holding Michigan’s small business harmless from federal tax changes was signed into law by Gov. Rick Snyder in March
Making sure that Michigan’s small business owners would be held harmless from any increase in state taxes due to the passage of the federal Tax Cuts and Jobs Act was the number one item on the NFIB Main Street Agenda for 2018.
While some were advocating that any extra revenue should be spent elsewhere instead of being returned to taxpayers, NFIB was successful in making the case that tax relief intended for small business in the federal reforms flow through to Michigan small business as well.
In addition, the changes to Michigan’s income tax signed into law will result in an additional tax cut for most small businesses. Legislation increasing the personal exemption under Michigan’s income tax to $4,900 by 2021 was signed into law by Gov. Rick Snyder in March.
