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Showing 3 posts in Personal Property Tax.

IRS to Announce Proposed Regulations on Full Expensing

Bloomberg BNA reports that the IRS is expected to announce proposed regulations for the full expensing provision under Code Section 168(k) sometime late-June or early-July. Read More ›

Categories: Personal Property Tax, Property Tax, Tax

Dischargeability of Personal Property Tax in Chapter 7 Bankruptcy

Bankruptcy statute 11 USC §524(a) prohibits the collection of debts that are discharged in a bankruptcy case. However, this does not apply to nondischargeable debts, which can be collected after a debtor receives a discharge, but not during a pending bankruptcy when the automatic stay under 11 USC §362 is in effect.

Dischargeability of personal property taxes varies on the type of bankruptcy case (or chapter). In a Chapter 7, unsecured priority personal property taxes are nondischargeable if: Read More ›

Categories: Personal Property Tax

Proposed Legislation Would Eliminate Personal Property Taxes For Most Michigan Businesses

The personal property tax (“PPT”) is one of Michigan’s oldest forms of taxation, dating back to the 1890s. However, during the last decade, the PPT has been a constant source of contention.  Advocates include local governments, which argue that the PPT is a vital source of revenue.  Opponents include many businesses, which contend that the PPT is a competitive disadvantage and impediment to attracting and retaining businesses in Michigan. Read More ›

Categories: Personal Property Tax