Michigan’s Tax Rankings Improve
Speaking at the Detroit Economic Club today, Governor Rick Snyder announced that the state’s corporate tax ranking has improved from 49th to 7th in the nation, according to the State Business Tax Climate Index. The Tax Foundation, a nonpartisan tax research group based in Washington DC, has also upgraded Michigan’s overall tax rank from 18th to 12th.
Snyder said that “once again the nation is taking notice of the bold reforms that are driving Michigan forward.” In 2011, Snyder and his legislative partners spurred the state’s recovery by eliminating the job-killing Michigan business tax, which stifled growth and hampered investment. It was replaced with a flat 6% corporate income tax which took effect January 1. The tax is among the most competitive in the Midwest and among the best in the nation.