Tomorrow, Michigan voters will decide the future of the state's personal property tax. Businesses, seniors, law enforcement and communities across the state have joined together to urge elimination of this tax, which penalizes new investment and hurts growth.
It's long past time Michigan's outdated personal property tax was eliminated. We've all heard the stories-businesses that bought equipment a half-century ago or more, and have been paying tax on that equipment every single year since-but the truth goes much deeper than that.
If we're going to make Michigan a top ten state for jobs, personal income and a healthy economy, we need to keep pace with our competitors in the U.S. and across the globe. The states MI competes with most abandoned this 19th-century method of taxation long ago. They are welcoming new investment, not punishing it.
Even those who receive the personal property tax revenue each year are eager to find a new approach. The amount of money brought in by the tax tends to fluctuate wildly, leaving local government without a stable, dependable revenue stream. They, too, would like to bring Michigan into the 21st century.
BLM's view: BLM strongly endorses the passage of Proposal 1. We've improved our corporate tax climate, developed friendlier policy and regulatory frameworks, and are nurturing a workforce that is among the nation's finest. Now we need to remove the last barrier to lasting economic growth-the personal property tax.