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 [email protected]


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