Motoring on: Michigan business tax update
In the summer of 2007 Michigan enacted a new two-pronged tax, The Michigan Business Tax (MBT), that replaced the Single Business Tax (SBT) at the end of 2007. This "hybrid" tax is imposed on both a taxpayer's modified gross receipts and business income, institutes unitary combined reporting, and includes economic nexus standards.
As enacted, the tax left many questions unresolved. In this podcast, PricewaterhouseCoopers partner Greg Nowak and director Eric Burkheiser discuss some of the key changes the legislature has considered during the current session and the Department of Treasury's interpretations of the new tax.
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