PPT Updates

Now that Gov. Snyder’s signed legislation that phases out the Personal Property Tax, voters will have to approve a plan (to be determined for the statewide 2014 ballot) replacing revenue for schools (libraries) and public safety.

As reported recently by Michigan Radio – “Local governments will also have an option to create a special assessment to replace the lost tax revenue…” …which could involve earmarking the Use Tax…and could involve re-purposing it as a “Metropolitan Areas Component Tax”

Find more info from Michigan Gov’s Legislative Website: “The money generated by the metropolitan areas component tax would be money of the Authority, not State funds, and therefore would not be subject to state appropriations.”

The legislature’s exemption on PPT does not begin until Dec 31, 2013.

geekStay tuned.

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