Michigan · statute · 325 of 2006, Mich. Comp. Laws · 4 active provisions
1. Purpose Sec. 1. The purpose of this initiated law is to: (a) Repeal the single business tax on business activity in this state after December 31, 2007; and (b) Encourage the legislature to adopt a tax that is less burdensome and less costly to employers, more equitable, and more conducive to job creation and investm…
2. Tax at Zero-Rate After Effective Date Sec. 2. The department of treasury shall prorate the liability for the tax imposed under the single business tax act as necessary to impose the equivalent of a tax at the rate of zero on business activity after December 31, 2007.
3. Affirmation of Existing Tax Liabilities Sec. 3. Except as specifically provided, this initiated law shall not affect the administration, allocation, or apportionment of the tax; payments to counties; nor any appropriation. The obligation of taxpayers and the state for taxes levied or collected on business activity o…
4. Severability Sec. 4. This act is declared to be severable.