Posts Tagged ‘Personal Property Tax’

We all win by voting “YES” on Proposal 1!

Proposal 1 will make sure 100 percent of the estimated lost revenue will be reimbursed to communities when the Personal Property Tax (PPT) is eliminated.

Eliminating the PPT is expected to create up to 15,000 jobs and increase business investment by $450 million.

As you know, Proposal 1 would end the unfair and antiquated double tax (also known as the personal property tax) small businesses pay every year on the equipment they already own, while stabilizing funding for police, fire, jails, roads, schools, senior services and other important municipal services.

Business Leaders for Michigan recently produced a short, simple video explaining how Proposal 1 would benefit all of Michigan. Watch the new video here:

The Saginaw County Chamber of Commerce urges you to vote Yes on Proposal 1. Please share this information with your voting friends and acquaintances.

The Saginaw County Chamber of Commerce is proud to support Michigan Citizens for Strong and Safe Communities’ campaign to protect local community services and help small businesses create jobs – without increasing taxes for anyone.

This important proposal will be on the August 5 primary ballot across Michigan. We encourage you to learn more about this proposal and to vote YES in August.

This proposal would create 15,000 jobs in Michigan by eliminating the personal property tax on small businesses. Businesses must pay this tax every year on every piece of equipment they own, which is unique to Michigan and puts our state at an economic disadvantage when competing for new businesses and jobs. This proposal would immediately eliminate the personal property tax on small businesses and phase it out over nine years for larger businesses.

Many communities rely on revenue from the personal property tax to fund local services like police, fire, ambulances, jails, roads, schools, parks and libraries even though it is an unreliable revenue source. This referendum guarantees that 100 percent of the money a community loses from the elimination of the personal property tax will be replaced using the more stable State Use Tax.

This proposal is not a tax increase – for anyone. It is paid for by eliminating special corporate tax breaks that the legislature has voted to end, and by establishing a statewide Essential Services Assessment paid only by manufacturers receiving a personal property tax reduction.

We strongly encourage you to sign up for Michigan Citizens for Strong and Safe Communities’ email alerts at www.strongandsafecommunities.com to receive updates from this important campaign to strengthen Michigan communities and help local small businesses create jobs.

State and local Chambers from around the state gathered in Lansing for meetings with legislators and staff and to advocate for policies that foster business and job growth

On Tuesday, May 6, the Saginaw County Chamber of Commerce, the Michigan Chamber of Commerce and 31 other local Chambers met in Lansing to discuss their combined goals and strategies in 2014. Participants were scheduled to attend a series of meetings with legislators and policymakers throughout the day to discuss issues favorable to job creation and business growth in Michigan.

The Saginaw Chamber of Commerce is leading the way for members in our community to be better informed about issues affecting their businesses,” said Chamber President Bob Van Deventer. “Our participation in Chamber of Commerce Day demonstrates we are engaging our members with lawmakers and opinion leaders to make a difference.”

Participants met early in the day with policymakers to discuss topics on transportation and infrastructure funding, minimum wage and personal property tax reform. In the afternoon, chamber leaders met with legislators and concluded the meeting with a forecast on the remainder of the legislative session.

The event marks the first Chamber of Commerce Day, but participants are already making plans for an annual event.

“We had an impressive turnout today with many important chambers of commerce from around the state,” said Bob Thomas, Executive Director, Michigan Chamber Foundation. “Legislators heard directly from local businesspeople in their district about policies affecting their companies. Having so many business leaders convene at once is a powerful opportunity to send a message.”

For the 2014 tax year, legislation was passed that exempts certain “Eligible Personal Property” from taxation. Businesses that own personal property of less than a true cash value of $80,000 ($40,000 assessed value) may be entitled to an exemption for the 2014 tax year. To qualify for the Eligible Personal Property exemption, the qualifying business MUST FILE Form 5076 with the local assessor by February 10, 2014. If the business fails to file the Form 5076, the local assessor is obligated to place an assessment, even if the assessor’s estimate is less than the $80,000 true cash value threshold.

Personal Property Statements were mailed to taxpayers shortly after January 1, 2014. If you have questions regarding this issue, please contact your local assessor.