Snyder signs tax, regulatory laws

LANSING, Mich. (WOOD) - With a number of lawmakers looking on, Gov. Rick Snyder signed into law tax and regulatory reforms that are designed to help create more jobs.

The Personal Property Tax was reduced. The governor's office said in a release this tax will be eliminated on small taxpayers in 2014 and phasing out on manufacturing personal property beginning in 2016.

Snyder also signed a six-bill severance tax package that "replaces the existing array of taxes with a structure that is more simple, fair and efficient," the release stated. Mineral extractors will have eased upfront cost for mines, since under this plan they won't have to pay taxes until they begin extracting minerals.

Workplace safety regulations were also changed in new laws signed by the governor. A  bill sponsored by Sen. Tonya Schuitmaker will necessitate Michigan workplace safety rules, the statement said, "will exceed federal standards only when there are circumstances unique to Michigan that require going beyond federal standards, or when a broad consensus of union and non-union employers and employees agree that a standard is necessary."

The other regulatory change he signed eliminates the  General Industry Safety Standards Commission. Their authority was transferred to the Department of Licensing and Regulatory Affairs in 1996.

On the Net:

Michigan Legislature