The hated Michigan services tax that would've hit a number of business activities in the state-including investment advice-died a quick death when it was repealed just hours after it went into effect on Saturday.
Gov. Jennifer Granholm signed legislation that killed the 6% tax on a wide range of business services and replaced it with a surcharge on Michigan's main business tax. The surcharge is expected to make up the difference from the failed services tax by raising $750 million to remedy a budget shortfall.
Various industry groups-including financial-related organizations such as the Financial Planning Association and the National Association of Personal Financial Advisors-lobbied vigorously against the services tax.