Sec. 3.
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 year by a qualified renter and rented from a qualified renter business location.
(c) “Fund” means the qualified heavy equipment rental personal property exemption reimbursement fund created in section 9(1).
(d) “Local tax collecting unit” means a township or city that assesses and collects property taxes pursuant to the general property tax act, 1893 PA 206, MCL 211.1 to 211.155.
(e) “Person” means an individual, corporation, limited liability company, partnership, association, or any other legal entity.
(f) “Qualified heavy equipment rental personal property”, “qualified renter”, “qualified renter business location”, and “rent” or “rental” mean those terms as defined in section 9p of the general property tax act, 1893 PA 206, MCL 211.9p.
(g) “Qualified heavy equipment rental personal property specific tax” and “tax” mean the specific tax levied under section 5.
(h) “Rental price” means the total amount of the consideration for renting qualified heavy equipment rental personal property, excluding any separately stated charges, fees, and costs, such as delivery and pickup fees, damage waivers, environmental mitigation fees, sales or use taxes, or insurance.
(i) “Reporting periods” means the quarterly periods ending on March 31, June 30, September 30, and December 31 for which a qualified renter must report and remit the tax collected under this act.
History: 2022, Act 35, Eff. Mar. 23, 2022