LANSING, Mich.‒ Gov. Rick Snyder on Tuesday signed legislation sponsored by state Sen. Mike Nofs that reforms Michigan’s Personal Property Tax structure for eligible commercial, industrial and manufacturing companies.
Senate Bill 1070, now Public Act 402 of 2012, provides an exemption that begins Dec. 31, 2013 for commercial and industrial personal property if the combined taxable value of all such property owned by the taxpayer is less than $40,000 in the local tax collecting unit.
SB 1071, now PA 403 of 2012, will provide an exemption beginning Dec. 31, 2015 for eligible manufacturing personal property that had been subject to or exempt from taxation for 10 years.
“These measures begin the process of eliminating a cumbersome tax that both job providers and local government officials agree needs to go,” said Nofs, R-Battle Creek. “These reforms will significantly improve our business climate while encouraging investment in new equipment and technology that will help these businesses expand and create jobs.”
Joining Nofs (second from right) and Gov. Snyder at the bill signing were Small Business Association of Michigan President Rob Fowler (second from left), and SBAM’s Vice President of Government Relations Dave Jessup (far left) and Lt. Gov. Brian Calley.