The Detroit Regional Chamber is encouraging its members to join the opposition to an over-40% increase in Michigan’s Corporate Income Tax (CIT) to help with road maintenance and rebuilding.
Michigan’s road funding needs fixes but raising the CIT to 8.5% would make Michigan the 7th highest rate in the country, which would threaten jobs and our state’s economic future, especially regarding small businesses.
In fact, 9 in 10 “corporations” in Michigan are small, local businesses, who will be hit the hardest by this tax proposal, which equates to around $800 million annually in new taxes.
While the Chambers advocate for improving our state’s deteriorating infrastructure, more emphasis should be placed on options like government efficiencies, budget prioritization, and user fees.
Next Steps for Chamber Members, Business Leaders
The Chamber asks the business community, especially Chamber members, to contact their state legislators or join the Chamber by signing on to the coalition letter and share their opposition to the CIT increase, which affects Michigan businesses, especially small businesses.
Remember, Chamber members have the added benefit of receiving advice and help on reaching out to legislative leaders personally from the Chamber’s Public Policy and Business Advocacy team.
The Chamber will continue to update and provide resources for members on this issue.