Thursday, July 24, 2014

Proposal 1 of 2014: Summary and Assessment

Proposal 1 of 2014: Summary and Assessment [Michigan Capitol Confidential]:
Proposal 1 of 2014:

Download the full study here.
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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