TC Chamber endorses tax change for small businesses
Fri, 14 Mar 2014 00:31:30 GMT —
The Traverse City Area Chamber of Commerce has endorsed a state-wide ballot proposal to eliminate a certain state tax for small businesses.
Two years ago, changes were made to state law allowing businesses with up to $80,000 worth of personal property to file exemption forms this year to eliminate their Personal Property Tax liability.
Personal property can include office equipment, computers, vehicles and related assets.
The legislation initially targeted small businesses, who will see their tax relief in 2016.
However, Michigan voters must approve those tax changes for the law to remain in effect.
It's targeted for the Aug. 5 primary election ballot.
If the ballot question fails, PPT reductions that were put in place will be repealed in the 2015 tax year.
Chamber Government Relations Director Kent wood said it's important to note that the PPT changes will not result in tax rate increases or tax liability for Michigan residents or businesses.
"This is a step toward making Michigan businesses more competitve," Wood said.