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Monday, Dec. 17, 2012 - Good News! On the last night of the Lame Duck session, the Michigan Legislature finalized legislation to begin phase-out of the much-maligned business personal property tax (PPT.) The Michigan Chamber views elimination of the PPT for all business taxpayers as a top legislative priority.
While the package of bills passed last week initially applies primarily to small business owners and industrial taxpayers, we view this package as a significant breakthrough and meaningful first step forward; Michigan finally has a structure in place to begin reducing this tax, while maintaining revenues to local governments who depend on the PPT to run daily operations.
The Michigan Chamber applauds Lieutenant Governor Calley, Senate Majority Leader Randy Richardville, and Speaker Jase Bolger for their leadership on this important business climate issue!
Highlights of the package include:
An overview of the legislation and links to the bill language is available here. Please note that all bill language is final regardless of any differences in font color.
In order for this legislation to take effect, two things need to happen:
Requiring a statewide vote to implement the plan would not have been the Michigan Chamber's preferred approach; however, we recognize that there is no easy solution for this very complicated and vexing tax problem and it was important to enact this first step.
We will continue to make eventual expansion of this tax relief to all business taxpayers a legislative priority as Michigan's economy and revenues improve!
Please contact Tricia Kinley for further questions about this legislation or next steps at email@example.com or (517) 371-2100.