Proposal 1 of 2014:
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On Aug. 5 Michigan voters will be asked to approve or reject Proposal 1, which would modify the state’s personal property tax.
The legislation that would go into effect if Proposal 1 were approved by voters creates three new exemptions for certain businesses that are currently subject to the personal property tax; it does not eliminate the personal property tax.
Commercial and industrial businesses with less than $80,000 of personal property will be exempt, and, eventually, all manufacturing personal property will be exempt.
These exemptions amount to an estimated $600 million tax cut when fully implemented.
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