MI SB1070

Exempts eligible personal property from tax collection effective December 31, 2013, if the combined taxable value of all industrial and commercial personal property owned by a person is less than $40,000 in a local tax collecting unit.

Requires property owners claiming the exemption to file an annual affidavit with the local tax collecting unit and Michigan Department of Treasury by February 20 each tax year in the form prescribed by the department.

Owners filing an exemption affidavit under this section are not required to file a statement under section 19 in that same tax year.

Defines "eligible personal property" as industrial or commercial personal property with combined taxable value below $40,000 in the local tax collecting unit.

Section 9o is automatically repealed if House Bill 6026 of the 96th Legislature is not approved by a majority of Michigan voters at the August 2014 regular election.