This week, the House Tax Policy Committee reported a bill sponsored by Representative Jim Tedder (R-Clarkston) reducing paperwork for small businesses. The bill eliminates the requirement that small businesses file a personal property tax exemption form every year. Instead, qualifying businesses would be allowed to file the necessary paperwork just once, in the first year the exemption is claimed. The bill applies to small businesses with less than $80,000 in true cash personal property value. According to the bill sponsor, the legislation would also save time and money for assessors with local governments because they would no longer have to send out personal property statements to all businesses that may qualify for an exemption. The legislation also allows local government to create an audit program to ensure small businesses are complying with the law. The legislation has been sent to the House floor for further consideration.
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