Key Votes
SB 1070 - Establishes a Tax Exemption for Eligible Personal Property - Key Vote
Michigan Key Votes
Stages
Family
Issues
Stage Details
Legislation - Referred to Committee (House) - May 10, 2012
Legislation - Bill Passed (Senate) (23-14) - May 10, 2012 (Key vote)
Title: Establishes a Tax Exemption for Eligible Personal Property
Vote Smart's Synopsis:
Vote to pass a bill that establishes a tax exemption for eligible personal property, effective December 31, 2012.
Highlights:
- Authorizes owners of “eligible personal property” to claim a tax exemption by filing an annual affidavit by May 1 of each tax year.
- Defines “eligible personal property” as commercial or industrial personal property.
- Requires the combined taxable value of industrial and commercial personal property claimed on the exemption to be less than $40,000.
- Specifies that the provisions of this bill will not apply unless appropriations are made to each local taxing unit in the amount of the revenue lost as a result of the provisions of this bill.
Legislation - Introduced (Senate) - April 17, 2012
Title: Establishes a Tax Exemption for Eligible Personal Property
