Michigan to amend SBT (July 25, 2002)
ANN ARBOR, Mich. — Thanks to state legislation (S.B. 1322) passed by both houses of the legislature, Michigan is poised to amend its Single Business Tax (SBT).
Once signed by the governor, which is expected to happen soon, the state will change its value-added tax. Michigan generally insists the tax applies to out-of-state fleets, including Canuck carriers.
Under current law, the rate of the SBT is scheduled to decrease by 0.1 per cent per year until it is completely phased out in 23 years.
However, the new bill provides for a flat repeal in 2010. It also increases the threshold for filing an SBT return from $250,000 to $350,000 in the meantime.
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