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Posted: Wednesday, 26 March 2014 11:40AM

Bills Passed Preserving Personal Property Tax Revenues For Local Governments



A ten-bill package to ensure that local governments are not hurt by a cut in the personal property tax on business has cleared the Michigan House. For years, the tax has provided needed revenue to many local communities, but the recently approved phase-out has endangered that funding. State Representative Aric Nesbitt of Lawton released a statement saying the reforms will boost the economy, which was echoed by Representative Wayne Schmidt of Traverse City.

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The package received bipartisan approval in the House Tuesday, and the Senate needs to agree to some changes made by the House before the legislation is sent to Governor Snyder. The bills guarantee 100% reimbursement of the personal property tax revenue that would have been lost to local governments.

   

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