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Thu December 20, 2012
Governor Signs Factory Tax Phaseout
Governor Rick Snyder has signed legislation that will phase out the tax on industrial and business equipment.
The next step is for voters to approve a way to replace the money local governments would otherwise lose.
The question will appear on the 20-14 statewide ballot. It would guarantee no cuts to schools or emergency services. Also, that local governments would get most, but not necessarily all, of the money for other services replaced.
The governor says getting rid of Michigan’s one-of-a-kind tax on factory equipment was one of his top priorities.
“Another problem solved, moving ahead," he says. "That’s the kind of way we like to operate."
The governor’s signature on the legislation follows news that Michigan’s unemployment rate declined slightly last month – even though the state actually lost jobs. That’s because thousands of people gave up looking for work, and are no longer measured as part of the workforce.