Michigan pass-through entity owners will save roughly $200 million off their federal taxes under a bill Michigan Gov. Gretchen Whitmer (D) signed Monday.
The bill (H.B. 5376) allows owners of LLCs, S corps and other pass-through entities to pay their state and local taxes at the business-entity level instead of individually, creating a workaround to avoid the federal $10,000 limit on individual deductions for state and local taxes.
The bill passed 100-3 in the House and 34-2 in the Senate. Whitmer had initially opposed the workaround, but she blessed the legislation in September after the Republican-led state legislature ...
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