TC Chamber of Commerce Discusses Proposal One

In eight days, voters will decide if a tax on small businesses will be eliminated.

Proposal One would change how businesses are taxed and how local communities receive funding.

On Monday, the Traverse City Chamber of Commerce held a meeting to go over how Proposal One would affect Northern Michigan.

If approved, Proposal One would eliminate personal property taxes on equipment.

Right now, small businesses and manufacturers pay personal property taxes on equipment every year.

In addition, small business pay sales tax on that equipment.

Supporters say it would also stabilize funding for local services like fire and police.

“We have a great number of small businesses that have already seen the benefit this tax year from getting rid of the personal property tax,” said Kent Wood, Traverse City Chamber of Commerce Director of Governmental Affairs. “We’ve also heard of small businesses saving anywhere a few hundred dollars to a few thousand dollars.”

For more information on the proposal and other items on the August Fifth ballot, click here.