LIMIT USRAP TO REAL PROPERTY ONLY

House Bill 6693

Sponsor:  Rep. Tonya Schuitmaker

Committee:  Judiciary

Complete to 12-5-06

A SUMMARY OF HOUSE BILL 6693 AS INTRODUCED 11-30-06

The bill would amend the Uniform Statutory Rule Against Perpetuities so that it would apply only to nonvested interests in real property and to specify that the act would not apply to interests in personal property. 

(For more information on the common law rule against perpetuities and the Uniform Statutory Rule Against Perpetuities, see the House Fiscal Agency analysis on House Bills 6365 and 6366 dated 11-28-06.)

MCL 554.72 and 554.75

FISCAL IMPACT:

The bill would have an indeterminate fiscal impact on the state and local units of government.  It is uncertain what impact, if any, the bill's provisions would have concerning relevant tax revenues.

                                                                                           Legislative Analyst:   Susan Stutzky

                                                                                                  Fiscal Analyst:   Viola Bay Wild

■ This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.