{"id":484,"date":"2019-09-16T18:26:32","date_gmt":"2019-09-16T18:26:32","guid":{"rendered":"http:\/\/michamber.wpengine.com\/?post_type=news&p=484"},"modified":"2019-09-16T18:26:32","modified_gmt":"2019-09-16T18:26:32","slug":"personal-property-tax-clean-up-legislation-introduced","status":"publish","type":"news","link":"https:\/\/www.michamber.com\/news\/personal-property-tax-clean-up-legislation-introduced\/","title":{"rendered":"Personal Property Tax Clean-Up Legislation Introduced"},"content":{"rendered":"
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A five-bill package of legislation was introduced in the State House last week to tweak how local governments are reimbursed for revenue losses\u00a0 due to the exemption of certain property from personal property taxes.<\/p>\n

House Bills 4926-30 were taken up the same week they were introduced for a testimony-only hearing. The Chair of the House Tax Policy Committee hopes to vote the bills out of committee in the next few weeks.<\/p>\n

A brief summary of each bill is as follows:<\/p>\n

HB 4926\u00a0<\/a>\u2013 Alters the way Intermediate School District\u2019s enhancement millages are accounted for in the calculation for reimbursement.<\/p>\n

HB 4927\u00a0<\/a>\u2013 Adjusts how school operating millages contribute to the reimbursement formula.<\/p>\n

HB 4928\u00a0<\/a>\u2013 Allows the reimbursement authority to use some of the reimbursement dollars for operating expenses.<\/p>\n

HB 4929<\/a>\u00a0\u2013 Adjusts the reimbursement calculation for tax increment finance authorities.<\/p>\n

HB 4930<\/a>\u00a0\u2013 Gives local governments another shot at correcting errors that resulted in under-reimbursement.<\/p>\n

For more information, contact Dan Papineau at\u00a0dpapineau@michamber.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/section>\n

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