Recently introducted Senate Bill 1031 (Proos) was passed last week by the Senate Finance Committee on a party line vote to eliminate personal property taxes on all utility personal property that was put online after December 31, 2017.
Utilities across Michigan are looking to invest a tremendous amount of capital into our state’s utility infrastructure, a much-needed investment. The Personal Property Tax has always been a tax on investment and in this case, the increase in tax liability that would result from this important investment would be passed through to rate payers through the Michigan Public Service Commission. This would only drive up utility prices for Michigan job providers.
Exempting utility personal property would promote investment and jobs, while keeping utility rates stable. The Michigan Chamber supports all efforts to chip away at any barrier to investment including the State’s personal property tax system.
For more information on this proposal please contact Dan Papineau at email@example.com