Gov. Granholm signed into law SB 1217, now Public Act 177 of 2008, July 9, providing a critical fix to the Michigan Business Tax (MBT) as it applies to construction contractors and subcontractors.
PA 177 brings clarity to the MBT allowing builders and subcontractors, including specialty trades, to deduct the cost of building materials from gross receipts, which was the original intent of the legislation passed last year. PA 177 applies retroactively to all business activity beginning January 1, 2008.
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