{"id":4309,"date":"2021-02-25T15:49:44","date_gmt":"2021-02-25T15:49:44","guid":{"rendered":"https:\/\/www.michamber.com\/?post_type=news&amp;p=4309"},"modified":"2021-02-25T15:49:44","modified_gmt":"2021-02-25T15:49:44","slug":"chamber-led-bill-to-save-small-businesses-200-million-introduced","status":"publish","type":"news","link":"https:\/\/www.michamber.com\/news\/chamber-led-bill-to-save-small-businesses-200-million-introduced\/","title":{"rendered":"Chamber Led Bill to Save Small Businesses $200 Million Introduced"},"content":{"rendered":"<p><b>February 25, 2021 &#8211; Advocacy News<\/b><\/p>\n<p><a href=\"https:\/\/www.legislature.mi.gov\/(S(wncz1c5pan5lmq21zgveszux))\/mileg.aspx?page=getObject&amp;objectName=2021-HB-4288\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\">HB 4288<\/a>\u00a0was introduced this week and is expected to save businesses organized as s-corporations, partnerships, limited partnerships, limited liability partnerships and limited liability companies almost $200 million in taxes per year.<\/p>\n<p>Business types listed above, commonly referred to as \u201cpassthrough\u201d businesses, will be able to fully deduct their state and local taxes (SALT) from their federal income under changes made in HB 4288 thereby, significantly reducing their federal tax liability.\u00a0 Because the legislation shifts the tax away from an individual and to the business entity, taxpayers can get out from underneath the federal $10,000 cap on SALT deductions.<\/p>\n<p>The Michigan Chamber is leading the charge on this policy change that will be a significant benefit to Michigan\u2019s smallest businesses.\u00a0 Having no impact on state revenues, this legislation is a win-win for taxpayers and state government.<\/p>\n<p>The legislation will be before the House Tax Policy Committee for a hearing next week. We hope for quick action on this priority issue.<\/p>\n<p>For more information on this legislation, please contact Dan Papineau at\u00a0<a href=\"mailto:dpapineau@michamber.com\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\">dpapineau@michamber.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>February 25, 2021 &#8211; Advocacy News HB 4288\u00a0was introduced this week and is expected to save businesses organized as s-corporations, partnerships, limited partnerships, limited liability partnerships and limited liability companies almost $200 million in taxes per year. Business types listed above, commonly referred to as \u201cpassthrough\u201d businesses, will be able to fully deduct their state [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","acf":[],"_links":{"self":[{"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/news\/4309"}],"collection":[{"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/news\/4309\/revisions"}],"predecessor-version":[{"id":14410,"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/news\/4309\/revisions\/14410"}],"wp:attachment":[{"href":"https:\/\/www.michamber.com\/wp-json\/wp\/v2\/media?parent=4309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}