Inside208

House Passes Bill to Increase Tribunal Interest Rates

Posted on May 8, 2012 by Dene Westbrook

Last week, the House of Representatives passed HB 5340, sponsored by Rep. Gilbert (R – Algonac). The bill would increase the interest rate paid on properties from Tax Tribunal judgments. The new interest rate from July 1, 2012 forward would be the adjusted prime rate plus 2 percent. The League opposes the bill, and has had discussions with the sponsor regarding reducing that amount. The bill now heads to the Senate, where we will continue to discuss a further reduction in that rate.

Summer Minnick is the Director of State Affairs. She can be reached at (517) 908-0301 or sminnick@mml.org

 

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