| |
| Michigan
Single Business Tax Credit |
|
| |
| Michigan state tax
laws allow Michigan-based companies to redirect a portion of their Single
Business Tax (SBT) to Aquinas College. Qualifying companies
can contribute up to 10% of their SBT exposure and get a 50% tax credit.
This is in addition to federal tax savings. The net cost for giving would
be approximately one-third of the gift amount. |
| |
| The credit equals
1/2 of the total yearly contributions to Aquinas College but not exceeding
$5,000 of the SBT liability, whichever is less. The assumed SBT Adjusted
Tax Base is equivalent to Federal Taxable Income. |
| |
| Michigan
Single Business Tax Credit |
| Michigan
SBT Liability |
Gift
to Aquinas
College |
Michigan
Tax Credit |
Federal
Tax Savings |
Net Cost
of Gift |
| $10,000 |
$1,000 |
$500 |
$170 |
$330 |
| $20,000 |
$2,000 |
$1,000 |
$340 |
$660 |
| $50,000 |
$5,000 |
$2,500 |
$850 |
$1,650 |
| $100,000 |
$10,000 |
$5,000 |
$1,700 |
$3,300 |
|
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| NOTE: Figures based on corporations
with a marginal tax rate of 34%.
Consult your tax advisor regarding specific situations for your business. |
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