Introduced
by
To revise details of a <a href="http://www.michiganvotes.org/2012-SB-1070">2012 law</a> that exempts from property tax up to $80,000 ($40,000 in “taxable value”) worth of tools and equipment owned or leased by a business in a particular jurisdiction. (This so-called "personal property tax" imposes annual property taxes on business tools and equipment.) The bill would empower local assessors to retroactively deny exemptions for the three past years; authorize criminal penalties for claiming the exemption on ineligible property; revise details of the definition of what property is eligible; revise procedures for claiming the exemption; impose new record-keeping requirements on businesses; and more. It and Senate Bill 490 are considered a "clean up" of provisions in that 2012 law.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To clarify a deadline in the procedures for claiming this tax exemption.
The amendment passed by voice vote
Passed in the Senate 27 to 9 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Passed in the House 82 to 26 (details)
To revise details of a <a href="http://www.michiganvotes.org/2012-SB-1070">2012 law</a> that exempts from property tax up to $80,000 ($40,000 in “taxable value”) worth of tools and equipment owned or leased by a business in a particular jurisdiction. (This so-called "personal property tax" imposes annual property taxes on business tools and equipment.) The bill would empower local assessors to retroactively deny exemptions for the three past years; authorize criminal penalties for claiming the exemption on ineligible property; revise details of the definition of what property is eligible; revise procedures for claiming the exemption; impose new record-keeping requirements on businesses; and more. It is considered a "clean up" of provisions in that 2012 law.
Passed in the Senate 28 to 10 (details)
To concur with the House-passed version of the bill.
