Date: January 29, 2015

February 10th is filing deadline for Personal Property Tax exemption

February 10, 2015 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

More information on the small business exemption is available here

The affidavit can be downloaded here

Related Content: Small Business News | Michigan

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