Key Votes
SB 1069 - Personal Property Taxes: Credit for New Industrial Personal Property - Key Vote
Michigan Key Votes
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Family
Issues
Stage Details
Legislation - Referred to Committee (House) - May 10, 2012
Legislation - Bill Passed (Senate) (23-14) - May 10, 2012 (Key vote)
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.”
Legislation - Introduced (Senate) - April 17, 2012
Title: Personal Property Taxes: Credit for New Industrial Personal Property
