Local leaders back ballot proposal on business tax

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News,Business

DEARBORN, Mich. (AP) — Local leaders are supporting a ballot proposal making sure town and city budgets aren't harmed when Michigan manufacturers and small businesses get a tax cut.

Dearborn Mayor Jack O'Reilly and Dearborn Fire Chief Joseph Murray are kicking off a statewide campaign Thursday to promote the measure before the vote on Aug. 5.

A phase-out of taxes on industrial machinery starts in 2016 and is underway for small businesses with equipment. The tax cuts will be halted if the statewide vote fails.

The ballot proposal incorporates a deal worked out among Gov. Rick Snyder, municipalities and business leaders to fully reimburse cities for their lost personal property tax revenue with other state revenue.

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