The Senate Finance Committee began testimony 24 hours after legislation was introduced to exempt portions of the personal property tax. The bills, SBs 1065-1072 would exempt all PPT under $40,000 in taxable value immediately for commercial and industrial. And, they would exempt all “eligible manufacturing” PPT starting in 2016. The exemption would be for all equipment purchased prior to 2006 and after 2012, then each year and additional year inbetween will be phased out..taking 6 years to phase out completely (in 2017 it will exempt all equipment prior to 2007 and after 2012, then in 2018 all equipment purchased before 2008 and after 2012, and so on until the years meet). The League testified in support of a Constitutional Amendment to guarantee reimbursement from the state for lost revenues. However, without this guarantee we are opposing the package. Senator Brandenburg, the Chair of Senate Finance stated publicly that he hopes to have the bills voted out of committee by the end of next week. They may schedule additional hearings anyday/time between next Tuesday and Thursday. Please consider coming to testify on this important issue. The committee heard from members yesterday including Alma, Farmington Hills, Hamtramck and Luna Pier on the impact, The League’s testimony is attached below.
Summer Minnick is Director of State Affairs for the League. She can be reached at (517) 908-0301 or [email protected]