Hopeful legislation will be signed by the Governor
FOR IMMEDIATE RELEASE
CONTACT: Amanda Fisher, NFIB Michigan State Director, 517-927-1058, [email protected]
December 14, 2021 (LANSING) – The state’s leading small business organization, the National Federation of Independent Business (NFIB), praised the passage of legislation that would increase the small business exemption of the Personal Property Tax (PPT), as well as legislation that would help businesses that were shut-down or restricted in 2020 and 2021 as a part of Executive and MDHHS Orders due to COVID.
HB 5351 specifically would increase the PPT exemption for small businesses and is a part of a greater economic development package. The PPT is a tax on real property used to operate a business. It can be anything from desks, tables, computers, or heavy equipment. These items are taxed each year at a depreciated rate, even though the business owner already paid tax when the item was originally purchased.
“NFIB is heartened that the Legislature is finally acknowledging the importance of both big AND small business to Michigan’s economy when discussing economic development. An increase in the PPT exemption is a broad-based tax cut that will help smaller businesses throughout the entire state that are still paying the PPT,“ said Amanda Fisher, NFIB State Director.
NFIB also praised the passage of SB 85, which included COVID relief funds previously vetoed by Governor Whitmer. “SB 85 contains provisions that will provide much needed help for businesses most affected by the government restrictions in 2020-21,” said Fisher. “We are grateful to the Legislature, specifically Senate Majority Leader Shirkey and Speaker Wentworth, for their leadership and support of Michigan small businesses in economic recovery efforts.”
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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com
