Bill Text: MI HB4778 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Taxation: other; certain references in the real estate transfer tax act; make gender neutral. Amends sec. 5 of 1966 PA 134 (MCL 207.505). TIE BAR WITH: HJR F'23
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2023-06-20 - Bill Electronically Reproduced 06/15/2023 [HB4778 Detail]
Download: Michigan-2023-HB4778-Introduced.html
HOUSE BILL NO. 4778
A bill to amend 1966 PA 134, entitled
"An act to impose a tax upon written instruments which transfer any interest in real property; to provide for the administration of this act; and to provide penalties for violations of this act,"
by amending section 5 (MCL 207.505).
the people of the state of michigan enact:
Sec. 5. The following instruments and transfers shall be are exempt from this act:
(a) Instruments where the value of the consideration is less than $100.00.
(b) Instruments evidencing contracts or transfers which that are not to be performed wholly within this state insofar as such only to the extent that the instruments include land lying outside of this state.
(c) Written instruments which that this state is prohibited from taxing under the constitution United States Constitution or federal statutes. of the United States.
(d) Instruments or writings given as security or any assignment or discharge thereof.of a security interest.
(e) Instruments evidencing leases, including oil and gas leases, or transfers of such leasehold interests.
(f) Instruments evidencing any interests which that are assessable as personal property.
(g) Instruments evidencing the transfer of rights and interests for underground gas storage purposes.
(h) Instruments (i) Any of the following instruments:
(i) Instruments in which the grantor is the 1 of the following:
(A) The United States. , the
(B) This state. , any
(C) A political subdivision or municipality thereof, of this state. or
(D) An officer thereof of a governmental entity listed in sub-subparagraphs (A) to (C), acting in his the officer's official capacity. ; (ii)
(ii) Instruments given in foreclosure or in lieu of foreclosure of a loan made, guaranteed, or insured by the 1 of the following:
(A) The United States. , the
(B) This state. , any
(C) A political subdivision or municipality thereof of this state. or
(D) An officer thereof of a governmental entity listed in sub-subparagraphs (A) to (C), acting in his the officer's official capacity. ; (iii)
(iii) Instruments given to the United States, the this state, or 1 of their officers as grantee, pursuant to the terms or guarantee or insurance of a loan guaranteed or insured by the grantee.
(i) Conveyances from a husband or wife an individual to the individual's spouse or husband and wife both spouses creating or disjoining a tenancy by the entireties in the grantors or the grantor and his or her the grantor's spouse.
(j) Judgments or orders of courts of record making or ordering transfers, except where if a specific monetary consideration is specified or ordered by the court therefor.of record.
(k) Instruments used to straighten boundary lines where if no monetary consideration is given.
(l) Instruments to confirm titles already vested in grantees, such as including quitclaim deeds to correct flaws in titles.
(m) Land contracts whereby the legal title does not pass to the grantee until the total consideration specified in the contract has been paid.
(n) Instruments evidencing the transfer of mineral rights and interests.
(o) Instruments creating a joint tenancy between 2 or more persons where if at least 1 of the persons already owned the property.
Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution F (request no. 00367'23) of the 102nd Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963.
