Skip to content

For Small Business Owners with less than $180,000 in Personal Property – Claim Your Tax Exemption by February 21!

For Small Business Owners with less than $180,000 in Personal Property – Claim Your Tax Exemption by February 21!

January 3, 2023

For Small Business Owners with less than $180,000 in Personal Property – Claim Your Tax Exemption by February 21!

At the end of 2021, NFIB, working with Republican leadership, passed personal property tax relief for small business. The small business exemption was increased from $80,000 to $180,000 for industrial and commercial personal property beginning in 2023. In order to claim the exemption, small business owners must take action. For the 2023 tax year, to claim an exemption for personal property valued at $80,000 or more but less than $180,000, Form 5076 must be filed with the local unit (City or Township) where the personal property is located no later than February 21, 2023, (postmark is acceptable) with a completed Form 632 Personal Property Statement as an attachment to Form 5076 to verify the total true cash value and assist in identifying what assets are located in the local unit. Find more information HERE. Find Form 5076 HERE. Find Form 632 HERE.
Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

February 14, 2025
Bipartisan Deal Struck to Save Tipped Wages – Earned Sick Tim…
ESTA and tipped wages legislative update
Read More
February 11, 2025
Michigan Small Businesses Urge State Senate to Take Quick Actio…
NFIB’s Amanda Fisher advocated for important changes to the ESTA
Read More
February 5, 2025
Small Business Asks for Common Sense Changes to the Earned Sick…
NFIB’s Amanda Fisher and Small Business Owner Rod Kloha Attend the Senate…
Read More
February 3, 2025
Vermont Capitol Update
In his budget address and other public comments, Governor Phil Scott called…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility