February 10th is filing deadline for Personal Property Tax exemption
February 10, 2016 is the filing deadline for the small
business 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. The Personal Property Tax reform
proposal was approved by Michigan voters on an August of 2014 statewide ballot
and now remains in effect for 2015 forward.
Under the new exemption, businesses that own, lease or
possess commercial and industrial personal property with a true cash value of
less than $80,000 may eliminate their 2015 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.
More
information on the small business exemption is available here
The
affidavit can be downloaded here
If you are a manufacturer with “Eligible Manufacturing
Personal Property” (EMPP) the NFIB supported legislation also began a phase out
of the Personal Property Tax on that property with no limit that will begin in
2016. Go HERE for another story on the exemption and phase-outs for Eligible
Manufacturing Personal Property.
