Michigan Chamber of Commerce issued the following announcement on Nov. 6.
Several pieces of legislation the Michigan Chamber actively supports were voted out of the Senate Finance Committee yesterday (Nov. 5) and to the Senate Floor. A summary of this action is as follows:
- PERSONAL PROPERTY MOVED DUE TO PANDEMIC: As a result of the COVID-19 pandemic, a lot of the equipment that a business would normally have on-site has been relocated to an employee’s home or other alternative location. Since this equipment is taxed based on its location, many businesses could find it very difficult to track down each piece of business equipment and file a personal property tax statement in that alternative location. SB 1203 seeks to proactively avoid problems with the upcoming personal property tax filing.
- SOLAR PROPERTY PILT: Exempts solar energy production equipment from personal property taxes and replaces it with a payment in lieu of taxes.
- INTEREST EXPENSE DEDUCTION 163(j): Clarifies the state tax treatment of a taxpayer who is not subject to an interest expense deduction limitation at the federal level on section 163(j) of the Internal Revenue Code.
If you have any questions on these bills, please contact Dan Papineau at dpapineau@michamber.com
Original source can be found here.
Source: Michigan Chamber of Commerce
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