Michigan lawmakers must fix a decade-old tax loophole that some estimate has cost the state $2 billion in lost tax revenue for both state and local government coffers.

At issue is a 2013 tax appeal decision that allowed big-box stores to, unlike other types of businesses, base their taxable value on the potential resale value of their property, rather than the actual investment into the property.

That decision essentially allows big-box stores to be taxed as if they’re sitting empty, rather than fully functioning businesses.

According to a story in the Detroit News, the big-box stores argued back in 2013 that their properties were so unique that the property would be difficult to sell, putting them at a disadvantage.

Yet I2P operations both at the former Kmart and Alpena Mall properties here in Alpena show those properties can be reused, and the 2013 decision does nothing but keep money from the public and give big-box stores another unfair advantage over small businesses.

An effort is afoot to close that loophole — perhaps in the lame-duck session now underway — and we wish lawmakers well in that effort.

Close the loophole, lawmakers — and Gov. Gretchen Whitmer, sign it into law.