The Michigan Senate is currently in talks to reform or phase out the personal property taxes that businesses’ pay on items such as machinery, computers and other equipment. While it’s easy to cut revenues the question will be how or if the lost revenues will be replaced. The devil will definitely be in the details on this. However it is a good bet that all of this talk is just that, talk at this time. Nothing concrete will get done until the Michigan Supreme court hears the current lawsuit regarding the taxation of public pensions.
To find out more please see Karen Bouffard’s article in the Detroit News titled “Michigan Senate turns attention to business property tax reform”. See below for the link.
http://www.detnews.com/article/20110921/BIZ/109210417/1409/metro/Michigan-Senate-turns-attention-to-business-property-tax-reform
