Michigan House OKs bills protecting city revenue
Wed, 26 Mar 2014 11:24:30 GMT —
Legislation making sure local governments' budgets aren't harmed when Michigan manufacturers and small businesses get a tax cut has overwhelmingly passed the state House.
The 10 bipartisan bills that passed Tuesday incorporate a deal worked out among Gov. Rick Snyder's administration, municipalities and the business community. The legislation easily passed the Senate earlier this month and is expected to reach Snyder's desk shortly.
A planned phase-out of taxes on industrial machinery starts in 2016 and is already underway for small businesses with equipment. The tax cuts will be halted if a statewide vote fails in August.
The bill package makes sure municipalities concerned about lost revenue are kept whole with reimbursements from the state.