Gov. Rick Snyder has approved a package of bills designed to clarify the process for manufacturers filing personal property tax (PPT) exemptions.
This set of bills comes in response to both confusion and criticism from manufacturers when filing their exemptions earlier this year, as MiBiz previously reported.
Many of the complications came from an overhaul to the PPT policy approved in 2014, which removed the annual property tax on any equipment that was also taxed at the time of sale. However, as the policy changed, so did the process, confusing “both assessors and manufacturers,” Mike Johnston, vice president of government affairs at the Michigan Manufacturers Association, previously told MiBiz.
The filing window for this year will be re-opened until May 31 to give manufacturers a second chance, but filings in future years will be due Feb. 20.
“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,” Gov. Rick Snyder said in a statement released today.
With this approval from the governor, Michigan House Bills 5525, 5526, 5527 and 5545 are now Public Acts 107, 108, 109 and 110.