With less than a week before the Aug. 5 primary election, a growing coalition is coming together to support voter approval of Proposal 1 which will eliminate the Personal Property Tax (PPT) levy on small businesses in Michigan.
On Monday, July 28th, a group of local officials including Traverse City Mayor Michael Estes and Grand Traverse County Board Chairman Herb Lemcool took part in a news conference at the Chamber to endorse Proposal 1. The two officials were joined by Leelanau County Sheriff Mike Borkovich and Grand Traverse County Metro Fire Chief Pat Parker.
“With the passage of this proposal, I firmly belive we can make business stronger, not only in Traverse City, but throughout this region,” Estes said.
Lemcool, a long-time small business owner in the area, said the Personal Property Tax has been an administrative burden on small businesses. Replacing it with a share of the state use tax that includes no tax increases on Michigan residents will create a more stable revenue stream for local governments.
Borkovich said Proposal 1 is endorsed by the Michigan’s Sheriffs Association as a way to replace the “inconsistent” funding generated by the Personal Property Tax.
“It’s important to lock in and keep the funding we need in place,” Borkovich said.
The Chamber also co-hosted an event last week that featured Jim McBryde of the Michigan Economic Development Corp., and a representative of the state Department of Treasury. McBryde noted that the value of Personal Property on Michigan’s tax rolls has fallen by nearly 40 percent since 1999.
“It’s a tax that’s been losing its value in terms of revenue for the state,” McBryde said.
View a video of McBryde discussing Proposal 1 by clicking here.
The Northern Michigan Chamber Alliance are joining numerous business and municipal organizations across Michigan in endorsing a “yes” vote on Proposal 1 at the Aug. 5 primary election.
For a list of frequently-asked questions about Proposal 1, click here.
To view the MEDC’s Power Point presentation on Proposal 1, click here.