Form 5278 Eligible Manufacturing Personal Property Tax Exemption Claim, Personal Property Statement, and Report of Fair Market Value of Qualified New and Previously Existing Personal Property (Combined Document) - Michigan

What Is Form 5278?

This is a legal form that was released by the Michigan Department of Treasury - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the Form 5278?
A: The Form 5278 is a combined document used in Michigan for claiming the Eligible Manufacturing Personal Property Tax Exemption.

Q: What is the Eligible Manufacturing Personal Property Tax Exemption?
A: The Eligible Manufacturing Personal Property Tax Exemption is a tax relief program in Michigan that provides an exemption on certain personal property used in manufacturing.

Q: What is the Personal Property Statement?
A: The Personal Property Statement is a section of the Form 5278 where taxpayers provide information about their personal property assets.

Q: What is the Report of Fair Market Value?
A: The Report of Fair Market Value is another section of the Form 5278 where taxpayers report the fair market value of their qualified new and previously existing personal property.

Q: Who is eligible for the exemption?
A: Manufacturers and certain other businesses engaged in industrial processing or research and development are eligible for the exemption.

Q: What is the purpose of the exemption?
A: The purpose of the exemption is to encourage investment in manufacturing and other eligible industries in Michigan.