Mich. Comp. Laws § 211.1121
Short title.
This act may be cited as the "qualified heavy equipment rental personal property specific tax act".
Michigan Compiled Laws — QUALIFIED HEAVY EQUIPMENT RENTAL PERSONAL PROPERTY SPECIFIC TAX ACT (Act 35 of 2022)
Michigan · statute · 35 of 2022, Mich. Comp. Laws · 7 active provisions
Mich. Comp. Laws § 211.1123
Definitions.
As used in this act: (a) "Department" means the department of treasury. (b) "Eligible personal property" means personal property exempt under section 9p of the general property tax act, 1893 PA 206, MCL 211.9p, and qualified heavy equipment rental personal property acquired or brought into this state during the tax yea…
Mich. Comp. Laws § 211.1125
Qualified heavy equipment rental personal property specific tax; levy; amount; collection and remission by qualified renter; exception; rate adjustment.
(1) Beginning January 1, 2023, in addition to all other taxes, the qualified heavy equipment rental personal property specific tax is levied on each transaction of a qualified renter for renting eligible personal property as provided in this section. (2) The tax under this section is a state specific tax imposed direct…
Mich. Comp. Laws § 211.1127
Collection and administration of the specific tax; submission of completed statement and payment; notice; penalties; rescission; books and records; appeal process.
(1) The department shall collect and administer the tax as provided in this section. (2) Not later than March 31 each year beginning in 2023, the department shall make available a statement, to be submitted in a form and manner prescribed by the department, for calculating the tax as provided in section 5. (3) Not late…
Mich. Comp. Laws § 211.1129
Qualified heavy equipment rental personal property exemption reimbursement fund; investment; distribution; "eligible local tax collecting unit" defined.
(1) The qualified heavy equipment rental personal property exemption reimbursement fund is created within the state treasury. All proceeds from the qualified heavy equipment rental personal property specific tax levied under this act are dedicated to this fund. (2) The state treasurer shall direct the investment of the…
Mich. Comp. Laws § 211.1131
Tax increment finance authority capture; prohibition; sharing of distribution.
Qualified heavy equipment rental personal property specific taxes are not subject to capture by any tax increment finance authority. This section does not prohibit a tax increment finance authority from sharing in the distribution of a local tax collecting unit's allocation described in section 9(5)(b)(i).
Mich. Comp. Laws § 211.1133
Rules.
The department may promulgate rules as necessary for the administration of this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.