Mich. Bill Seeks Tax Credit For Biz Closed During Pandemic

Michigan would allow some businesses that were closed during the coronavirus pandemic and suffered monetary losses to claim a tax credit against their property tax liability under a bill introduced in the state Senate.

S.B. 393, which Sen. Kevin Daley, R-Lum, introduced Tuesday, would allow certain businesses that experienced a 25% reduction of gross revenue in the taxable year, and were forced to close because of the pandemic for at least six weeks, to claim an income tax credit equal to their property tax liability. The businesses that qualify are entertainment venues, exercise facilities, food service establishments, recreation facilities, places of public amusement, cosmetology shops, barber shops, nursery dealers, nursery growers, athletic trainers, body art facilities, hotels, and bed and breakfasts, according to the bill.

Qualifying businesses that rent their property can claim a tax credit equal to 23% of their gross rent paid during the tax year, the bill said.

--Editing by Neil Cohen.

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