At the request of the Michigan Chamber, Senate Bill 1097 was introduced by Senate Finance Committee Chairman, Senator Brandenburg, to decouple from federal limitations on how much interest expenses can be deducted from corporate income. The bill passed committee last week on a party line vote. Opposed by the Michigan Department of Treasury, the legislation will reverse a dramatic tax increase on Michigan businesses due to federal tax reform.
Citing the $100 Million windfall in revenues as their opposition, the Michigan Department of Treasury testified against the bill. The Michigan Chamber of Commerce’s Director of Tax Policy and Regulatory Affairs, Dan Papineau, was the only individual to provide testimony in support of the legislation.
For more information on SB 1097 and decoupling from interest expense deduction limitation, please contact Dan Papineau at email@example.com.