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Wed December 5, 2012
Business Property Tax-Cut Measure Heads To House
A plan to eliminate $600 million in taxes businesses annually pay on computers and equipment is headed to the Republican-controlled House.
The proposal passed by a House committee Wednesday would repeal a tax that supporters say hurts businesses and reduces Michigan's economic competitiveness. It also would reimburse all money lost for emergency services such as police and fire and 80% of the money for other municipal services.
The proposal would take a decade to fully implement and require voter approval if the Legislature passes it.
The proposal is the latest business-friendly tax restructuring effort sought by Gov. Rick Snyder, who worked with lawmakers last year to replace the Michigan Business Tax with a 6 percent corporate income tax most businesses don't have to pay.