|
Financial Bail-out Package
Congress recently passed, and the President signed, several bills collectively called the financial bail-out package. Included in these bills was the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. Click here for more information on the financial bail-out.
Michigan Business Tax
Recently Governor Granholm signed into law the Michigan Business Tax or MBT. A summary of the more important features of the new legislation is available to help you understand the impact on your Michigan business operation. Additional legislation is expected to clarify and modify specific provisions of the bill which takes effect January 1, 2008. Click here for more information.
Small Business and Work Opportunity Tax Act of 2007
On May 25, the President signed the Small Business and Work Opportunity Tax Act of 2007. This new legislation, designed in part to soothe the burden on small business of an increase in the minimum wage, contains an assortment of tax relief and revenue raising provisions. Click here for more information about the main tax provisions under the new law.
Minimum Wage Increase - Federal
On May 25, 2007, the President signed legislation increasing the federal minimum wage for the first time since 1997. The federal minimum wage increased to $5.85 per hour effective July 24, 2007, and it will increase to $6.55 per hour on July 24, 2008. Another increase will take effect in July 2009. Click here for details.
Minimum Wage Increase - Michigan
Effective July 1, 2008, the State of Michigan minimum wage increased to $7.40. The federal minimum wage increases to $6.55 per hour on July 24, 2008. Most businesses will be required to follow state law because it sets a higher standard.
Click here for more information about the minimum wage increase.
|
