Tax Policy & Finance

Chamber-Backed Bill to Bring About Corporate Officer Liability for LLP’s Moving Quickly

Legislation to bring corporate officer liability for LLP’s into line with that of LLC’s was introduced and passed out of the Senate and House committee unanimously last week. Senate Bill 841 (Brandenburg) awaits a vote in the full House where it will then be sent to the Governor. The bill would ensure that members of a partnership would not be held personally liable for debt, obligation, or other liability incurred by the partnership. 

For more information, contact Dan Papineau at dpapineau@michamber.com.

Chamber-Supported Bills to Streamline Sales/Use Tax Refunds on the Move

Legislation that would allow for a purchaser to directly apply for a sales/use tax refund from the Michigan Department of Treasury is expected to be reported from the House Tax Policy Committee this week. This is good news, especially since Michigan is one of only three states that requires a purchaser to go through a seller to get their overpayment back in the form of a refund. 

US Rep. Mike Bishop, US Chamber Exec Discuss Federal Tax Reform at Chamber Tax Policy Advisory Committee Meeting

U.S. Representative Mike Bishop, from Michigan's 8th Congressional District, and Ashley Wilson, Executive Director of Congressional and Public Affairs for the U.S. Chamber of Commerce, discussed the federal Tax Cuts and Jobs Act at a meeting of the Chamber's Tax Policy Advisory Committee last week. At the meeting, Wilson said, "Small business optimism is up; it's the highest in a decade

Federal Tax Law Provides Credits for Paid Family Leave

Employers should be aware that the new federal tax law includes an employer credit for paid family leave. The provision was developed as an alternative to state and federal paid leave mandates. The goal is to incentivize employers to offer paid family leave. Employers that currently provide paid family leave and those considering adding it should take a close look at this new credit and address their options with a tax professional.

Chamber Closely Monitoring Cybersecurity Liability Legislation

Cybersecurity is a growing issue for businesses and individuals throughout the world. Over the last few years, we have seen unprecedented breaches of computer systems releasing millions of records containing sensitive personal information. There is no denying that this developing issue deserves attention. However, legislation recently introduced by State Senator Darwin Booher (R-Evart) to combat this problem here in Michigan goes too far too fast. 

Unemployment Taxes Projected to Decrease in 2018, Thanks to Reforms Pushed by the Chamber

Good News! Michigan businesses are expected to see an unemployment insurance (UI) tax reduction in 2018, thanks to comprehensive reforms pushed by the Michigan Chamber in 2011. The state estimates unemployment insurance tax rates will decrease by an average of 4.5 percent in 2018. Further tax relief is expected in July of 2020.  

On Heels of Federal Tax Reform, Tax Cut Fever Sets Hits State Lawmakers

Discussions about making simple technical changes to the State’s income tax to conform with recent federal changes quickly turned into action by state some state lawmakers to provide Michigan taxpayers with significant tax cuts. 

Below is a list of bills recently introduced to provide Michigan taxpayers some personal income tax relief:

SB 748 (Brandenburg) – Increases personal exemption to $5,000