February 10th is filing deadline for new exemption
- Business owners need to determine if they qualify for the exemption and file the required affidavit by February 10th
February 10, 2014 is the filing deadline for the new exemption
from Personal Property Tax
With strong NFIB support, lawmakers in 2012 approved a small business exemption from the Personal Property Tax. The exemption took effect Dec. 31, 2013 for the 2014 tax year.
Under the new exemption, businesses that own, lease or possess commercial and industrial personal property with a market value of less than $80,000 may eliminate their 2014 Personal Property Tax bill. To be eligible, businesses must file the MI Treasury Form 5076 (Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes) by February 10th of this year.
Businesses that qualify for the exemption by filing the affidavit on time are not required to file a Personal Property Statement. However, they are required to maintain adequate books and records on the equipment.The affidavit form and information sheet are available here
The affidavit can be downloaded here