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Governor Signs New MBT Plan; 2008 Budget Negotiations to Start Last Thursday, Gov. Granholm signed the new Michigan Business Tax (MBT) into law at her ceremonial office in Lansing. As you know, the new tax replaces the Single Business Tax (SBT), set to expire on December 31st of this year. Members of both the House and Senate, representing both sides of the aisle were present at the signing. The new MBT is intended to provide incentive for new businesses to locate in Michigan, while helping retain those companies who already have established roots in the state. Your MAR staff was involved in various workgroups with legislators and other industry professionals in crafting the best tax solution for Michigan’s small business industry. To see how the MBT will affect your business, be sure to utilize the MBT Estimator. The Estimator gives an approximation and comparison of your tax liability. The new business tax, like the existing SBT, will be imposed on businesses with annual gross receipts in excess of $350,000. The new structure is composed of a modified gross receipts tax (at a rate of 0.8%) and a business income tax (at a rate of 4.95%). While the signing of the new MBT is a huge bipartisan step in turning Michigan around, much work is needed for a 2008 budget solution. After a two week break, legislators are expected to come back this week to start hashing out the 2008 budget. Talks still loom of various revenue enhancement strategies, such as luxury taxes or a potential income tax hike. With Michigan’s struggling economy, everything is on the table. As always, your MAR staff will keep you informed of any new updates or potential threats to the real estate industry. Be sure to check out www.mirealtors.com for the latest information. To View the MBT Estimator, please click here REALTOR® Award Nomination Deadlines Approaching MAR’s annual REALTOR® of the Year Award and the REALTOR® Active in Politics Award application deadlines are August 3 and July 30 respectfully. Make sure your association is represented in each category. For more information and to download applications for each award, visit the MAR Web site. The winners will be recognized at the MAR Convention & Expo taking place September 26 – 28 at the Soaring Eagle Casino & Resort in Mt. Pleasant. Visit the Web site to view more details and to register.
Web Sites Are Billboards in the Middle of Nowhere Since the development of the browser in the early 1990s, many real estate professionals continue to throw their money into a bottomless, immeasurable pit as they search for that magic web site that will revolutionize their businesses and provide them with more leads than they have time to service. Unfortunately, that magic site that always comes up in the top 10 of search engines does not exist. For most REALTORS®, web sites are billboards in the middle of nowhere. For a web site to be effective, REALTORS® must have a plan or "roadmap" to drive consumers to that billboard in the middle of nowhere and solid content to keep them coming back. McClain Steps Up at St. Joseph Association After almost 15 years as the MLS Secretary/Professional Standards/Membership coordinator and Bookkeeper, Donna McClain became the Executive Officer for the St. Joseph County Association of REALTORS®. SJCAR currently has 165 REALTOR® members and 35 Affiliate members. The association office is located in Donna’s hometown of Centreville, where she attended elementary and high school, and later took some classes at the local community college. Donna has been married for 25 years and has 21-year-old twins, Adam and Ashley. Donna believes she works with a very talented and wonderful group of people and says she’s “enjoyed the last 15 years working for the association” and looks forward to many more. Tips to Keeping Your Personal Information Secure Everyday fraud and credit protection should always be in your plans. Your delivered mail should never be tossed into the trash. A thief grabbing a copy of your bank statement out of the trash may be looking to defraud your account. A paper shredder is inexpensive and worth the cost. Make a pile of unwanted mail in a basket designated as "ready to shred."
MAR Calendar of Events
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720 North Washington Avenue • P.O. Box 40725 • Lansing,
Michigan 48901-7925 Copyright © 2005 Michigan Association of REALTORS® |
