Legislation to End Annual Filing Requirement Now Law

Date: May 04, 2018

Another NFIB Victory!

Legislation supported by NFIB that would eliminate the requirement for small businesses to file a personal property tax exemption form every year has been signed by the Governor as Public Act 132 of 2018. Before the change in the law, small businesses claiming the exemption from Personal Property Tax (because they have less than $80,000 in personal property) would have to do so every year by filing an affidavit with the local tax collecting unit. Now, the exemption granted will remain in effect until there is a change in the personal property schedule that would make the business no longer eligible for the exemption.

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