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Motor Trend Radio
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Posted: Wednesday, 06 August 2014 12:50PM

Personal Property Tax To Be Phased Out With Proposal 1 Vote



The repeal of Michigan's personal property tax is going to happen with the approval of voters of Proposal 1 on the primary ballot on Tuesday. Businesses had been fighting to get rid of the tax they pay on equipment, calling it outdated and adding it makes the state uncompetitive. State Representative Al Pscholka agrees, and says the state will be able to more easily attract companies and jobs.

Listen:



Voters got the final say in the phase out of the tax. The revenue that local governments receive from the PPT will be replaced by a redistribution of the state's Use Tax, and backers of Proposal 1 say those municipalities will be funded at 100% through the new laws. The repeal of the tax will take several years. Personal property tax revenues are used by local governments to pay for services like police and fire.

   

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