Beginning in 2014, Michigan is phasing out its Personal Property Tax (PPT) for most businesses.
The tax reform will:
- Substantially reduce compliance and administrative costs for businesses.
- Be especially attractive to manufacturers using expensive capital investments in tools and other equipment.
- Phase our will happen over 10 years.
For a summary of the timing of the PPT phase out and other provisions, please visit the referenced article from the Michigan Economic Development Corporation, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com
The IRS issued final regulations with rules on how to:
- Determine gain or loss when property is subject to depreciation is disposed
- Determine the asset disposed
- Account for partial dispositions of depreciated property
General topics of these regulations are:
- Dispositions of MACRS property
- Partial dispositions
- Determining gain or loss
- General asset accounts
The regulations apply to tax years beginning on or after January 1, 2014; but, taxpayers can apply them to tax years beginning on or after January 1, 2012.
For more information, pleased view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com