- June 21, 2021
- Posted by: Stratford Team
- Category: Business
Republican lawmakers are advancing bills that would reduce Michigan’s corporate income tax rate by 20 percent and create tax credits for businesses that lost at least a quarter of their revenue during COVID-19 restrictions.
The legislation is designed to help businesses recover from the pandemic through tax relief instead of new state grant or loan programs. A lower tax burden would free up needed cash flow while avoiding at times burdensome grant or loan application processes, according to bill supporters.
“When you try to do grants and programs that have all of this criteria, you’re imposing a paperwork burden on them that most are not familiar with or not equipped to navigate. Those businesses that do have that kind of expertise, which tend to be larger, usually gobble up that limited amount of money very quickly,” said Charles Owens, director of the Michigan chapter of the National Federation of Independent Businesses (NFIB).
“When you…
