Michigan Compiled Laws Act 379 Of 2006 Qualified Forest Property Recapture Tax Act (211.1031 - 211.1036)

AN ACT to impose a state recapture tax on the change in use of certain qualified forest property; to provide for the administration of the recapture tax; to prescribe the powers and duties of certain state and local officers; to provide for the collection and distribution of the recapture tax; and to prescribe penalties and provide remedies.

History: 2006, Act 379, Imd. Eff. Sept. 27, 2006

Section 211.1031 Short Title.
This act shall be known and may be cited as the "qualified forest property recapture tax act". History: 2006, Act 379, Imd. Eff. Sept....
Section 211.1032 Definitions.
As used in this act: (a) "Benefit period" means the period in years between the date of the first exempt transfer and the conversion...
Section 211.1033 Qualified Forest Property Recapture Tax; Imposition.
(1) Beginning January 1, 2007, the qualified forest property recapture tax provided under section 4 is imposed as provided in this section if the...
Section 211.1034 Recapture Tax; Rate.
The recapture tax under this act shall be imposed at the following rate: (a) Except as otherwise provided in subdivision (c), if the property...
Section 211.1035 Recapture Tax; Collection; Notification; Credit Of Tax Proceeds.
(1) The recapture tax shall be collected by the treasurer. (2) The assessor of the local tax collecting unit shall notify the treasurer of...
Section 211.1036 Administration Of Act.
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....

Last modified: October 10, 2016