Mich. Senate OKs property tax repeal bills

LANSING, Mich. (AP) -- Legislation aiming to eliminate $600 million in taxes businesses annually pay on computers and equipment has cleared the Michigan Senate.

The Republican-led Senate on Wednesday approved the final bills related to the repeal of the industrial personal property tax sought by GOP Gov. Rick Snyder. The package now goes to the Republican-controlled House.

The measure would reimburse all of the money communities lose for emergency services such as police and fire and 80 percent of the money for other municipal services. Reimbursement money would come from part of an existing tax paid on out-of-state purchases.

The legislation also included an amendment to protect special education funding.

Snyder and other supporters say the tax hurts businesses and reduces Michigan's economic competitiveness. Opponents say revenues should be fully replaced and guaranteed.

Source: http://news.yahoo.com/mich-senate-oks-property-tax-160349252.html

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