Wednesday, February 1st, the House Tax Policy Committee will be taking testimony on a couple of bills which retain the cap on property if it is transferred within family to the third degree. The bills are HBs 4753 sponsored by Rep. Pettalia (R- Presque Isle) and HB 4515, sponsored by Rep. Franz (R-Onekama). HB 4515 indicates that the property has to maintain it’s use and must stay that way for seven years in order to enjoy the prior tax status. HB 4753 states that the cap stays on the property as long as the use does not change. The League has concerns about the financial impact of these bills, as the applicability has broad potential, and will be testifying in opposition at the hearing.
Summer Minnick is the Director of State Affairs for the League. She can be reached at (517) 908-0301 or [email protected].