Michigan Chamber of Commerce Applauds State Senate's Passage of Personal Property Tax Relief
May 10, 2012
LANSING, Mich., May 10, 2012 /PRNewswire/ -- The Michigan Chamber of Commerce today expressed support for the Michigan Senate's passage of legislation to begin phase-out of Michigan's uncompetitive tax on office equipment and manufacturing machinery. Reducing, and eventually eliminating, this tax on jobs would send a positive signal to job providers and poise Michigan for further economic growth.
"Senate Republicans, in cooperation with the Snyder Administration, have developed a meaningful plan to fully eliminate the tax for small business owners as well as a long-term strategy to eliminate the tax on manufacturing jobs," said Tricia Kinley, Senior Director of Tax & Regulatory Reform for the Michigan Chamber. "This is the first practical plan we have seen in years.
"Personal property tax continues to place Michigan at a competitive disadvantage, particularly in the Midwest," added Kinley. "In addition to the extraordinary direct cost of the tax on Michigan employers, the cost of compliance is significant.
"We applaud the Senate's rejection of efforts to remove accountability and mandate spending with a constitutionally-guaranteed local revenue stream," Kinley continued. "This proposal outlines a fair and reasonable approach to use expiring business tax credits to replace much of the revenue to local governments and we are committed to working with House Speaker Jase Bolger and House lawmakers to make this plan a reality."
"The personal property tax continues to be a source of great frustration for all of our members," noted Jim Holcomb, Senior Vice President, Business Advocacy & General Counsel for the Michigan Chamber. "Since local governments, schools and others rely on personal property tax as one source of revenue, we agree an incremental approach is appropriate at this time."
The Michigan Chamber of Commerce is a statewide business organization representing approximately 6,800 employers, trade associations and local chambers of commerce. The Michigan Chamber represents businesses of every size and type in all 83 counties of the state. Michigan Chamber member businesses provide jobs to 1.5 million residents. One of every 2.6 employees in Michigan works for a Chamber member firm. The Chamber was established in 1959 to be an advocate for Michigan's job providers in the legislative, political and legal process. It is one of only four state chambers of commerce in the nation accredited by the U.S. Chamber of Commerce.
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SOURCE The Michigan Chamber of Commerce
For further information: Tricia Kinley, +1-517-371-7669