On December 14th, the SBAM team worked tirelessly alongside members of the Michigan Legislature to make sure small businesses were not forgotten amongst the noise of a heavy incentive package aimed at big business.
The small business voice was heard loud and clear, thanks to our efforts, and here’s how small businesses will benefit:
PPT Exemption Expansion
The commercial personal property tax had an $80,000 exemption that was bumped up to $180,000 through HB 5351. To offset the reductions in revenue to locals, the Legislature allocated $75M through the Local Community Stabilization Authority Reserve Account.
Afflicted Business Support
$409M was allocated for afflicted businesses that were shut down by state government during the COVID-19 pandemic. Businesses eligible for the assistance include restaurants, entertainment venues, casinos, hotels, gyms and fitness centers, recreational facilities, barbershops, and more. Businesses can get a grant to cover a portion of their property taxes or lease costs, unemployment taxes, liquor license or food inspection fees, or other state licensing fees that they had to pay while being shut down. Grants are capped at $5 million per business.
SALT Bill
The Legislature passed a bill allowing for pass-throughs to deduct their state and local taxes. This legislation allows businesses to pay taxes at the entity level and will minimize the impact of the federal state and local tax deduction that is capped at $10,000.
This is what happens when we elect strong pro-small business candidates to the legislature. We need you now more than ever as we head into 2022. Give to the Small Biz PAC to continue our advocacy efforts. Selecting and electing high-quality candidates will be a primary focus for SBAM next year. Will you please join us in celebrating this win and give to the Small Biz PAC TODAY?
Together, we will continue to be the common-sense voice that puts our small business community front and center to create a stronger Michigan for communities all across our state.