Bill Text: MI SB1060 | 2011-2012 | 96th Legislature | Engrossed
Bill Title: Property tax; other; qualified forest property recapture tax; revise. Amends sec. 4 of 2006 PA 379 (MCL 211.1034).
Spectrum: Partisan Bill (Republican 4-0)
Status: (Engrossed - Dead) 2012-09-20 - Referred To Committee On Natural Resources, Tourism, And Outdoor Recreation [SB1060 Detail]
Download: Michigan-2011-SB1060-Engrossed.html
SB-1060, As Passed Senate, September 20, 2012
SENATE BILL No. 1060
March 29, 2012, Introduced by Senators BOOHER, GREEN, BRANDENBURG and CASPERSON and referred to the Committee on Natural Resources, Environment and Great Lakes.
A bill to amend 2006 PA 379, entitled
"Qualified forest property recapture tax act,"
by amending section 4 (MCL 211.1034).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4. The recapture tax under this act shall be imposed at
the following rate:
(a) 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 tax shall be calculated in the following manner:
(i) Multiply the property's state equalized
valuation taxable
value at the time the property is converted by a change in use by
the
total millage rate levied by all taxing units in the local tax
collecting
unit in which the property is located.the number of
operating mills levied by the local school district in which the
property is located under section 1211 of the revised school code,
1976 PA 451, MCL 380.1211.
(ii) Multiply the product of the calculation under subparagraph
(i) by 7.the number of years the property had been exempt as
qualified forest property under section 7jj of the general property
tax act, 1893 PA 206, MCL 211.7jj[1], before the property was
converted by a change in use, not to exceed the 7 years immediately
preceding the year in which the qualified forest property is
converted by a change in use.
(iii) Multiply the product of the calculation under subparagraph
(ii) by 2.
(b) If the property is converted by a change in use and there
have been 1 or more harvests of forest products on that property
consistent with the approved forest management plan, the recapture
tax shall be calculated in the following manner:
(i) Multiply the property's state equalized
valuation taxable
value at the time the property is converted by a change in use by
the
total millage rate levied by all taxing units in the local tax
collecting
unit in which the property is located.the number of
operating mills levied by the local school district in which the
property is located under section 1211 of the revised school code,
1976 PA 451, MCL 380.1211.
(ii) Multiply the product of the calculation under subparagraph
(i) by 7.the number of years the property had been exempt as
qualified forest property under section 7jj of the general property
tax act, 1893 PA 206, MCL 211.7jj[1], before the property was
converted by a change in use, not to exceed the 7 years immediately
preceding the year in which the qualified forest property is
converted by a change in use.
(c) In addition to the recapture tax calculated under
subdivision (a) or (b), if property is converted by a change in use
and the taxable value of the property was not adjusted under
section 27a(3) of the general property tax act, 1893 PA 206, MCL
211.27a, after a transfer of ownership of the property due to the
provisions of section 27a(7)(o) of the general property tax act,
1893 PA 206, MCL 211.27a, the recapture tax shall include the
benefit received on that property.
