May 06, 2016
May 6, 2016
LANSING, Mich. – Businesses with eligible manufacturing personal property will have an easier time complying with changes to Michigan’s personal property tax laws approved by voters in 2014, under legislation signed today by Gov. Rick Snyder.
“We are always looking for ways to improve efficiencies for taxpayers and these bills update tax laws so companies can take advantage of the PPT reforms approved in 2014,” Snyder said.
House Bill 5525, sponsored by state Rep. Aric Nesbitt and HBs 5526 and 5545, sponsored by state Rep. Jeff Farrington, provide clarity in state tax laws related to personal property tax and essential services assessments, making it easier for companies to follow updates that were approved in 2014. In addition, the bills give companies more flexibility to file their exemptions this year by re-opening the filing window until May 31. Filings were originally due by Feb. 22.
HB 5527, also sponsored by Farrington, requires taxpayers to file a single form by Feb. 20 of each year to claim their personal property tax exemption, report personal property still subject to ad valorem taxation and to report for their Essential Services Assessment statement.
The bills are now Public Acts 107-110 of 2016.
For more information on this and other legislation, please visit www.legislature.mi.gov.
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