|Important Tax Information From MAB!|
PERSONAL PROPERTY TAX - Local property assessors have recently have indicated that we should remind our members of upcoming deadlines to file for Personal Property Tax exemptions approved by state lawmakers in 2012.
Under the exemption, businesses that own, lease or possess commercial and industrial personal property such as computers, vehicles, office furniture, machinery and related equipment with a market value less than $80,000 may eliminate their personal property tax bill starting this year. However, to receive the exemption businesses must file MI Treasury Form 5076 with their local assessing offices by Monday, Feb. 10, 2014. You can find the affidavit form here.
Further questions about personal property taxes and the exemption form should be directed to the assessing office of the city or township where the personal property is located.
SALES TAX – If you purchased equipment in 2013 remember that any equipment used broadcasting, specifically in the origination or integration of the broadcast signal is sales tax exempt. If you paid sales tax on such equipment you may request a refund. This also applies for that portion of your electric bill used to power broadcast equipment, stages, computers etc. while in use for production or integration. Click here for full Treasury bulletin. If you think you may have paid too much in exempt taxes, consider having an MAB Tax Audit. The audit is free. You only pay if we can get money back for you. Michigan Broadcasters have collectively saved over $200,000.00 contact the MAB today.
LOBBY TAX – The Michigan Association of Broadcasters pays the federal proxy lobby tax so that your MAB dues are deductible as a regular business expense. You do not need to take a portion of it for out lobbying efforts but this is what we have chosen to do. Each association is different so check with other trade associations of which you are a member.
We hope this information is helpful, and thanks for being a valued member of the MAB.