LANSING —The Associated Press is reporting that Governor
Rick Snyder has just signed “the most sweeping tax change in the state
since 1994.” The change cuts overall business taxes by $1 billion in the
upcoming fiscal year beginning on October 1 and $1.7 billion the following
year. The change will also replace the current Michigan business tax law with a
6 percent income tax on corporations with shareholders, which will result in
some companies having to pay more. However, the majority of all other companies
won’t pay the tax.