Introduced
by
To exempt commercial businesses (including ones that aren't manufacturers) whose tools and equipment in a particular community have a taxable value of less than $40,000 from the so-called “personal property tax,” which is imposed at the same rate as regular property taxes on buildings and land. Senate Bills 1069 and 1071 would exempt all tools and equipment used by manufacturers from the tax. This is part of the package would save businesses around $70 million annually.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
by
To suspend the proposed personal property tax cuts on business tools and equipment if the legislature fails to appropriate the reimbursements of foregone revenue to local governments proposed by Senate Bill 1072.
The amendment passed by voice vote
Amendment offered
by
To exclude commercial firms from the tax cut if they have tools and equipment anywhere in the state with a taxable value greater than $40,000. As passed, the proposed cap is $40,000 per local tax jurisdiction, so a firm with this much in equipment in several communities would still be eligible for the tax cut.
The amendment failed 13 to 24 (details)
Amendment offered
by
To earmark money from a home mortgage related lawsuit settlement to reimbursing local governments for the revenue they would no longer collect due to this tax cut.
The amendment failed 13 to 24 (details)
Passed in the Senate 23 to 14 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To reimpose the tax imposed on business tools and equipment if the legislature fails to appropriate replacement revenue to local governments.
The amendment failed by voice vote
Amendment offered
by
To delay the proposed reduction of this tax.
The amendment failed by voice vote
Amendment offered
by
To index for inflation the proposed $40,000 threshold for this tax.
The amendment failed by voice vote
Amendment offered
by
To revise a detail of how the tax cut (which comes in the form of a tax "credit") will be claimed by businesses.
The amendment passed by voice vote
Amendment offered
by
To make the bill's provisions contingent on approval by voters of a measure earmarking a portion to the state use tax to replacing local government revenue foregone by cutting the property tax on business tools and equipment.
The amendment passed by voice vote
Passed in the House 58 to 50 (details)
To exempt commercial businesses (including ones that aren't manufacturers) whose tools and equipment in a particular community have a taxable value of less than $40,000 from the so-called “personal property tax,” which is imposed at the same rate as regular property taxes on buildings and land. Another bill in this package would eliminate this tax for industrial property, and others would reimburse the revenue that local governments and school districts now collect from it. This property tax on business tools and equipment currently costs Michigan employers around $1.2 billion annually, which over time would fall to about half that amount.
Passed in the Senate 26 to 12 (details)
To concur with the House-passed version of the bill.
