Senate approves tax deduction that could cost $100 million a year

[Judi Lynn]

Senate approves tax deduction that could cost $100 million a year

Associated Press - September 5, 2007 11:54 AM ET

LANSING, Mich. (AP) - The state Senate has approved a new business tax break that could cost state government about $100 million to $150 million a year starting in 2013.

Advocates say the change is needed because the new business tax could reduce companies' book value. But critics say the new tax is fair and that supporters are just looking for a way to keep businesses from paying their fair share of taxes.

Five Democrats joined 21 Republicans in supporting the bill. A dozen Democrats opposed the measure.
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