Mich. Comp. Laws § 211.1031
Short title.
This act shall be known and may be cited as the "qualified forest property recapture tax act".
Michigan Compiled Laws — QUALIFIED FOREST PROPERTY RECAPTURE TAX ACT (Act 379 of 2006)
Michigan · statute · 379 of 2006, Mich. Comp. Laws · 6 active provisions
Mich. Comp. Laws § 211.1032
Definitions.
As used in this act: (a) "Benefit period" means the period in years between the date of the first exempt transfer and the conversion by a change in use, not to exceed the 10 years immediately preceding the year in which the qualified forest property is converted by a change in use. (b) "Benefit received on that propert…
Mich. Comp. Laws § 211.1033
Qualified forest property recapture tax; imposition.
(1) Beginning January 1, 2007, the qualified forest property recapture tax provided under section 4 is imposed as provided in this section if the property is converted by a change in use after December 31, 2006. (2) The recapture tax is the obligation of the person who owned the property at the time the property was co…
Mich. Comp. Laws § 211.1034
Recapture tax; rate.
The recapture tax under this act shall be imposed at the following rate: (a) Except as otherwise provided in subdivision (c), if the property is converted by a change in use and there have not been 1 or more harvests of forest products on that property consistent with the approved forest management plan, the recapture…
Mich. Comp. Laws § 211.1035
Recapture tax; collection; notification; credit of tax proceeds.
(1) The recapture tax shall be collected by the treasurer. (2) The assessor of the local tax collecting unit shall notify the treasurer of the date the property is converted by a change in use. (3) The treasurer shall credit the proceeds of the recapture tax collected under this act as follows: (a) Before January 1, 20…
Mich. Comp. Laws § 211.1036
Administration of act.
This act shall be administered by the department of treasury under 1941 PA 122, MCL 205.1 to 205.31.