Yes, you still have to fill out the form every single year.
Recall that 14-1 didn’t do away with the PPT entirely.
Michigan business with $80,000 or less in fixtures, desks, computers etc., are STILL required to fill out the form to get their exemption. You must fill out the MI Treasury Form 5076 with your local assessing offices by Tuesday, Feb. 10, 2015. You can use the link to the affidavit form here.
Fill it out and for best results deliver by hand to your assessing office ASAP.
And remember, give em no more than is absolutely necessary.
"It is my estimation that it was not necessary to place anything on the ballot to allow the reduction of that tax." Rose Bogaert WCTA
It’s seemed all too easy for this to almost slip right by, unquestioned as we fight our local political battles..
Folks have been trying to figure out the impact of proposal one. The complicated gobbledygook language contained in multiple bills as a part of PA 80 has not helped, and the question remains: “Why is it necessary to have the voters act to ‘reduce’ taxes?” Before we as a state vote on ANYTHING, it ought to be at least reasonably explained.
Indeed, I don’t know anyone who likes the personal property tax, but will the ‘devil we know’ be replaced by one even more destructive? Rose Bogaert, of the Wayne County Taxpayers Association lays it out:
Wayne County Taxpayers Association Position Paper
APPROVAL OR DISAPPROVAL OF AMENDATORY ACT TO REDUCE STATE USE TAX AND REPLACE WITH A LOCAL COMMUNITY STABILIZATION SHARE TO MODERNIZE THE TAX SYSTEM TO HELP SMALL BUSINESSES GROW AND CREATE JOBS
The amendatory act adopted by the Legislature would:
Reduce the state use tax and replace with a local community stabilization share of the tax for the purpose of modernizing the tax system to help small businesses grow and create jobs in Michigan.
Require Local Community Stabilization Authority to provide revenue to local governments dedicated for local purposes, including police safety, fire protection, and ambulance emergency services.
Increase portion of state use tax dedicated for aid to local school districts.
Prohibit Authority from increasing taxes.
Prohibit total use tax rate from exceeding existing constitutional 6% limitation. Should this law be approved?
I want to state that the Personal Property Tax is a horrible tax and a burden to business and employment. If I were to say to the average taxpayer that their stove, refrigerator, washer, dryer and any other appliance or furniture were all subject to personal property tax for 10 years after purchase with a reduction each year for depreciation, we would have a revolt.
There are definitely better ways to leverage the [accounting trick] found money into a better revenue generating machine.
Watch the video below, then recall that the rate was supposed to return to 3.9% by 2015 anyhow. And in the end we still must fill out a tax form. (MI Fairtax would take care of that)
Truthfully, if the legislature really wants to make this state job friendly, and presumable spend off that pretend surplus of a billion bucks, there is another place far more suitable. They might consider attacking something that raises that much, and is a business punisher.
ELIMINATE a whole tax infrastructure. Finally rid the scourge that is the personal property tax, levied on businesses. Quit talking around the edges and looking to exempt one type of industry or another. Just break out the eraser and do Michigan business owners justice and make it disappear.
It would encourage manufacturing to return, and make the state more appealing to potential start ups.
But, perhaps some might think we are whistling in the wind.
Is it because income tax reductions are more sexy than solid business inviting policy