OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

SB 1069 - Personal Property Taxes: Credit for New Industrial Personal Property - Michigan Key Vote

Timeline

Related Issues

Stage Details

Title: Personal Property Taxes: Credit for New Industrial Personal Property

Signed by Governor Rick Snyder


NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

See How Your Politicians Voted

Title: Personal Property Taxes: Credit for New Industrial Personal Property

Vote Smart's Synopsis:

Vote to pass a bill that exempts new manufacturing personal property from personal property taxes, beginning in 2016.

Highlights:

  • Exempts new manufacturing personal property from personal property taxes if the property meets certain criteria, including, but not limited to, the following:
    • The property was not subject to taxes before January 1, 2012;
    • The property was not in use in or outside of the state before January 1, 2012; and
    • The property was originally purchased after December 31, 2011.
  • Requires taxpayers who claim the personal property tax exemption in 2016 to file an affidavit with the local tax collecting unit in which the property is located by May 1, 2016.
  • Specifies that beginning in 2017 owners of new manufacturing personal property are not required to file an affidavit to claim the personal property tax exemption.
  • Prohibits the personal property tax exemption from going into effect unless the legislature appropriates the amount of revenue lost to each local taxing unit as specified in the “Personal Property Tax Exemption Reimbursement Act.”

Full Bill Text

Title: Personal Property Taxes: Credit for New Industrial Personal Property

arrow_upward