Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Does IFT Personal Property Qualify for the Personal Property Tax Exemptions and Michigan Business Tax Credit?

April 26, 2017Business exemptions ift Michigan Property qualify tax credit

0

Posted

Does IFT Personal Property Qualify for the Personal Property Tax Exemptions and Michigan Business Tax Credit?

1 Answer

0

Posted

The answer is YES. However, we have heard that many assessors are not classifying such property as “industrial” and thereby denying them the exemption and credit. The personal property tax credit is provided in Section 413 [MCL 208.1413] of the Michigan Business Tax Act, In Section 413(4)((d)(ii) it says: “Property taxes” means (ii) Taxes levied under 1974 PA 198, MCL 207.551 to 207.572. Public Act 39 of 2007 amended the Plant Rehabilitation and Industrial Development Act to exempt industrial personal property subject to the Industrial Facilities Tax from that portion of the IFT attributable to the 18 school operating mills and the 6 mill State Education Tax. If IFT property is not classified as “industrial”, the property owner should appeal the classification to the local Board of Review.