The February 10th, 2014 deadline for a new and potentially
money-saving exemption from the Michigan Personal Property Tax is fast
approaching.
Specifically, the law now provides for
businesses that own, lease or possess commercial and industrial
personal property with a market value of less than $80,000 to eliminate
their 2014 Personal Property Tax bill. This is a significant jump from
the previous threshold of $40,000, and the inclusion of commercial and
industrial property may increase applicability among investors.
Eligible businesses must file the MI
Treasury Form 5076 (Affidavit of Owner of Eligible Personal Property
Claiming Exemption from Collection of Taxes) by February 10th of this
year. Businesses that qualify for the exemption by filing the affidavit
on time are not required to file a Personal Property Statement. However,
they are required to maintain adequate books and records on the
equipment to substantiate the claim.
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