LANSING, Mich. -- Gov. Jennifer Granholm and legislative leaders reached a deal last week on an overhaul of the state’s business tax that leaves in place the credit union exemption from corporate taxes. The plan to replace the Michigan Single Business Tax would reduce taxes for nearly three-fourths of employers who pay - especially large manufacturers - and is crafted to make the state more inviting to entrepreneurs and small businesses. The deal must now ve voted by lawmakers. The business tax plan would replace the SBT, which expires Dec. 31, and would generate about the same amount of revenue as the SBT - approximately $1.9 billion annually.
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