SB-0927, As Passed Senate, May 17, 2018
April 11, 2018, Introduced by Senator HILDENBRAND and referred to the Committee on Finance.
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
(MCL 211.1 to 211.155) by adding section 9p.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9p. (1) For taxes levied after December 31, 2017,
qualified heavy equipment property is exempt from the collection of
taxes under this act.
(2) As used in this section:
(a) "Person" means an individual, partnership, corporation,
association, or other private legal entity.
(b) "Qualified heavy equipment property" means any
construction, earthmoving, or industrial equipment that is mobile
and rented by a qualified renter, including attachments for the
equipment or other ancillary equipment or tools. For purposes of
this subdivision, equipment is mobile if it is not permanently
affixed to real property and can be moved among worksites.
(c) "Qualified renter" means a person that meets both of the
following:
(i) Operates a business that generates over 51% of its annual
revenue by renting out qualified heavy equipment property.
(ii) Is engaged in a line of business described in Code 532412
or 532310 of the North American Industry Classification System
published by the United States Census Bureau, 2012 edition.