In Michigan, which faces a shortfall of $1.8 billion, Governor Rick Snyder is set to unveil a budget proposal this week that also will include a major tax cut for businesses. Though many details are not yet known, Snyder will seek to eliminate a gross receipts tax for businesses and replace it with a flat, 6 percent corporate income tax. He acknowledges the move could cost Michigan $1.5 billion, although he is expected to offset at least some of that loss with other revenue moves, such as eliminating an income tax credit for working families.
stateline.org – http://www.stateline.org/live/details/story?contentId=550109
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