Banking & Finance, Economic Development, and Government

Gov. Snyder signs business property-tax cuts

December 24, 2012
| By AP |
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LANSING — Gov. Rick Snyder has signed legislation to phase out several hundred million dollars in taxes business annually pay on equipment.

The Republican governor signed the bill and others last week in Lansing. He was surrounded by lawmakers, business leaders and other officials.

The Michigan Legislature voted to repeal the industrial personal property tax during a marathon meeting in the final hours of the legislative session.

Snyder and supporters say the move encourages economic growth. Opponents counter it doesn't replace all the money the tax generates for local governments.

The bill would reimburse most of the revenue and allow special local assessments.

Snyder also signed bills modifying the tax structure for mining copper and other minerals as well as cutting, changing or simplifying business regulations.

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