Section 211.1031 – Short Title.

211.1031 Short title. Sec. 1. This act shall be known and may be cited as the “qualified forest property recapture tax act”. History: 2006, Act 379, Imd. Eff. Sept. 27, 2006

Section 211.1032 – Definitions.

211.1032 Definitions. Sec. 2. 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 […]

Section 211.1033 – Qualified Forest Property Recapture Tax; Imposition.

211.1033 Qualified forest property recapture tax; imposition. Sec. 3. (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 […]

Section 211.1034 – Recapture Tax; Rate.

211.1034 Recapture tax; rate. Sec. 4. 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 […]

Section 211.1035 – Recapture Tax; Collection; Notification; Credit of Tax Proceeds.

211.1035 Recapture tax; collection; notification; credit of tax proceeds. Sec. 5. (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 […]

Section 211.1036 – Administration of Act.

211.1036 Administration of act. Sec. 6. This act shall be administered by the department of treasury under 1941 PA 122, MCL 205.1 to 205.31. History: 2006, Act 379, Imd. Eff. Sept. 27, 2006