Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
The Republican-led House has approved a $3.1 billion plan aimed at enhancing road funding by directing existing tax revenue towards the transportation budget. This measure also ensures that taxes collected at fuel pumps are allocated to roads and bridges.
In addition, the proposal includes a significant increase in an older business tax, multiplying it six-fold. This adjustment is intended to transition approximately 12 companies from claiming credits valued over $500 million annually to paying the corporate income tax instead.
The Detroit Regional Chamber has expressed its disapproval of the move to abolish these credits, arguing that it "undermines trust in the state’s commitments, sending a disturbing signal to businesses that Michigan does not honor its contractual obligations."
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