Michigan Gov. Rick Snyder and Republican lawmakers pushed through a series of far-reaching tax changes in 2011 that will hand businesses drastically lower tax bills while raising the amounts low-income workers and retirees will pay as new laws take effect.
Many companies will see significantly lower tax bills or pay no business taxes at all in 2012, thanks to a switch from the Michigan Business Tax to a new 6 percent corporate income tax that kicks in Sunday and falls mostly on large corporations with shareholders. Businesses can expect to pay $1.1 billion less in taxes this year and $1.7 billion less in 2013, according to estimates. Two-thirds of companies will pay no state income tax at all.
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