An Act to renumber and amend 77.51 (9) (e); to create 77.51 (9) (e) 1. and 2. of the statutes; Relating to: the sales and use tax exemption for personal farm property or household goods sold by auction on the Internet. (FE)
Impact
If passed, SB706 would specifically alter state tax laws regarding the sales and use tax exemptions. By exempting internet-based auction sales, the legislation would technically assist small-scale farmers and households that want to sell personal or farm property without incurring additional tax liabilities. This exemption could potentially lead to an increase in online auction activities, offering a more affordable means for individuals to liquidate assets or generate income through sales.
Summary
SB706 aims to provide a sales and use tax exemption for personal farm property or household goods that are sold by auction on the Internet. The bill seeks to enhance the marketability of farm property and household items by reducing the tax burden on transactions facilitated through online auction platforms. Supporters of this measure argue that it would encourage more people to participate in the auction process, benefiting both buyers and sellers and potentially stimulating local economies.
Contention
There are notable points of contention surrounding SB706, particularly related to the implications of tax revenue for the state. Opponents may voice concerns that while the bill aims to promote social and economic benefits, it could simultaneously reduce tax revenues that states rely on for public services. Critics might argue that such tax exemptions create inequities in taxation, favoring online commerce while disadvantaging local businesses that do not operate online. These discussions are vital as legislators weigh the benefits of encouraging e-commerce against the need to maintain a robust tax base.
Crossfiled
An Act to renumber and amend 77.51 (9) (e); to create 77.51 (9) (e) 1. and 2. of the statutes; Relating to: the sales and use tax exemption for personal farm property or household goods sold by auction on the Internet. (FE)
To Provide Sales And Use Tax Exemptions For Student Farmers; And To Provide Sales And Use Tax Exemptions For Certain Products And Services To Be Used In Relation To A Project For A Youth Farming Program.
Exempts certain urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. This act would also define urban and small farmers and urban farmland.
Exempts certain urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. This act would also define urban and small farmers and urban farmland.
Exempts certain urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. This act would also define urban and small farmers and urban farmland.
Property tax: exemptions; personal property used in agriculture operations; exclude property used to cultivate marihuana. Amends sec. 9 of 1893 PA 206 (MCL 211.9).
Exempts certain urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. Also defines urban and small farmers and urban farmland.