MI HB6293

Business income tax rate increased from 4.3% to 4.95% on the business income tax base after allocation or apportionment to Michigan.

Modified gross receipts tax rate set at 0.80% on the modified gross receipts tax base after allocation or apportionment to Michigan.

Insurance company tax rate set at 1.25% of gross direct premiums written on property or risk located in Michigan, with first $190,000,000 of disability insurance premiums exempted.

Financial institution franchise tax rate set at 0.235% on the tax base after allocation or apportionment to Michigan.

Surcharge imposed on taxpayers equal to 21.99% of tax liability for most taxpayers and 27.7% (2008) or 23.4% (2009+) for financial institutions, subject to a $6,000,000 annual cap per taxpayer and elimination if Michigan personal income growth exceeds 0% in any of the three calendar years preceding 2017.