LANSING, Mich., Oct. 14, 2021 — Today, the Michigan House of Representatives voted by an overwhelming and bipartisan margin to cut taxes for small businesses across Michigan. House Bill 5376 creates a new flow-through entity tax at the same rate as the individual income tax and creates an additional tax credit for business owners. This legislation will offer tax breaks for hundreds of thousands of small-business owners. State Rep. Nate Shannon (D-Sterling Heights) said in a statement:
“Small businesses have been hit hard by the pandemic. This legislation will give more money back to small businesses, entrepreneurs and veterans who are still recovering from the past 18 months. The tax cuts in this bill will go directly to those who most need it. Hard working local business owners in communities across Macomb County will keep their lights on and doors open.
State Rep. Nate Shannon