On February 10, 2016, MACo offered testimony in support of HB 69, Personal Property Tax – Credit for New or Small Business, to the House Ways and Means Committee.
This bill would authorize local jurisdictions to grant a personal property tax credit to a new business entity or a business entity with 15 or fewer employees operating within the jurisdiction.
MACo has supported legislation in the past to provide broad authority to enact tax incentives for economic development and tax relief purposes and welcomes the opportunity to work with state policymakers to develop flexible and optional tools to create broad or targeted tax incentives. The approach offered by HB 69 is preferred as it provides local autonomy to determine the best way to provide these incentives, rather than those that mandate reductions in local revenue sources.
From the MACo Testimony,
HB 69 authorizes counties to enact a personal property tax credit, determine the amount and duration, and apply additional eligibility criteria as necessary. This will allow each jurisdiction that enacts the credit to tailor it to the specific needs of businesses to achieve the economic development goals of the county.
MACo believes this legislation is pro-business and will promote economic development.
For more on MACo 2016 legislation, visit the Legislative Database.