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Proposed Michigan Personal Property Tax overhaul unveiled

Lieutenant Governor Brian Calley
Lieutenant Governor Brian Calley

LANSING (WKZO) -- Lieutenant Governor Brian Calley says lawmakers have found the best way forward in how to reform Michigan's roughly century-old personal property tax, levied on businesses for equipment.

Schools and local governments have been on edge waiting for lawmakers to come up with a proposal, as a lot of their funding comes from the tax.  Calley says their plan will include new revenues to fund local operations while at the same time lifting massive tax burdens for manufacturers including Ford, General Motors and Chrysler.

The personal property tax has been at the top of Governor Snyder's list of laws to reform, as his administration says it kills jobs by punishing companies for capital investments.