PRE Legislation Heads to Senate Floor for Consideration (Monitor: November 11, 2013)
MCUL & Affiliates-supported legislation to allow financial institutions to retain the primary homestead rate of taxation on residential property moved a step closer to passage last week.
Senate Bill 532, sponsored by Senate Finance Committee Chairman Sen. Jack Brandenburg, R-Harrison Township, passed out of the Senate Finance Committee with a unanimous bi-partisan vote last week, heading now to the Senate floor for consideration by the full chamber. The MCUL expects the legislation to be considered by the full Senate as early as next week, prior to the legislature’s hunting recess and the Thanksgiving holiday.
The bill would allow financial institutions to pay the lower homestead tax rate for up to three years.
MCUL government affairs team members continue to meet with members of the leadership team on the importance of proposals such as SB 532 to Michigan’s credit unions. State-initiated reforms could provide much needed financial relief from additional compliance costs associated with new federal regulations.
Also supporting SB 532 were the Michigan Bankers Association, the Community Bankers Association of Michigan, and the Michigan Realtors Association. Pending approval by the Senate, the House Tax Policy Committee could also potentially take action on the legislation before the winter holiday. House Bill 4135, introduced by Rep. Frank Foster, R-Pellston, the original version of this legislation, currently sits on the House floor awaiting further consideration.