Mich. Legislature OKs business property tax repeal

Published On: Dec 14 2012 05:09:40 AM EST
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LANSING, Mich. -

Legislation aiming to eliminate $600 million in taxes businesses annually pay on computers and equipment is on its way to the governor.
 
   The Michigan Legislature voted late Thursday and early Friday to repeal the industrial personal property tax.
 
   Supporters say the move would be good for business. Opponents counter the legislation doesn't replace all the money the tax generates for local governments.
 
   Repeal would be phased in over a decade. Supporters say that will give cities and counties time to adjust.
 
   The state would reimburse 80 percent of losses for services such as police and fire protection. Local governments could levy special assessments to recoup the rest.
 
   Voters could cancel the tax repeal during a 2014 referendum by rejecting a plan to divert revenue from another tax to local governments.
 

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