MI SB0893

Allows deduction of income received from the sale of a business if that income is reinvested within the same tax year into another business operating in Michigan, effective for tax years beginning after December 31, 2015.

Adds this reinvestment deduction to both the definition of business income in Section 4 and the corporate income tax base adjustments in Section 623.

Applies the reinvestment deduction to tax years beginning after December 31, 2015 for both individual business income (Section 4) and corporate income tax calculations (Section 623).

Maintains existing corporate income tax rate of 6.0% and all other adjustments to the corporate income tax base.