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SB 1070 - Establishes a Tax Exemption for Eligible Personal Property - Michigan Key Vote

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Title: Establishes a Tax Exemption for Eligible 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.

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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.

Full Bill Text

Title: Establishes a Tax Exemption for Eligible Personal Property

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