"One of our main concerns in the state is attracting and creating jobs in Michigan and we need them now," Spade said. "In order to make Michigan an economic force, we must to invest in developing jobs. Eliminating the state's Single Business Tax helps us bring in new businesses and it makes our state the ideal place to open a business."
The House today passed HB 5743, which will repeal the state's Single Business Tax, effective Dec. 31, 2007. The tax had been scheduled to be phased out by Dec. 31, 2009; today's vote accelerates that timeline. The Speaker of the House promised that he is forming a workgroup to find a replacement for the SBT, which is widely criticized as being onerous and out-of-date. It also unfairly burdens our state's manufacturers.
Spade noted that the business community will get involved and work on a replacement to the SBT.
"We are in tough economic times," Spade said. "We have to appeal to businesses to bring them here. If they come, our job market will grow and help stimulate the economy."