Michigan Laws 211.1075 – Alternative state essential services assessment; levy beginning January 1, 2016; calculation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 211.1075
- acquired by: means the year the property is first reported on the combined form as prescribed in section 7(8) in the report of the fair market value and year of acquisition by the first owner of qualified new personal property or qualified previously existing personal property. See Michigan Laws 211.1073
- acquisition cost: means that term as defined in subparagraph (i), as follows:
(i) "Acquisition cost" means the fair market value of personal property at the time of acquisition by the first owner, including the cost of freight, sales tax, and installation, and other capitalized costs, except capitalized interest. See Michigan Laws 211.1073Assessment: means the alternative state essential services assessment levied under section 5. See Michigan Laws 211.1073 Assessment year: means the year in which the alternative state essential services assessment levied under section 5 is due. See Michigan Laws 211.1073 Eligible claimant: means a person that owns, leases, or is in the possession of eligible personal property. See Michigan Laws 211.1073 Eligible personal property: means personal property exempt from the tax levied under the state essential services assessment act, 2014 PA 92, MCL 211. See Michigan Laws 211.1073 Personal property: All property that is not real property. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Beginning January 1, 2016, the alternative state essential services assessment is levied on all eligible personal property as provided in this section.
(2) The assessment under this section is a state tax on the eligible personal property owned by, leased to, or in the possession of an eligible claimant on December 31 of the year immediately preceding the assessment year and shall be calculated as follows:
(a) For eligible personal property acquired by the first owner in a year 1 to 5 years before the assessment year, multiply the acquisition cost of the eligible personal property by 50% of the mills levied under section 5(2)(a) of the state essential services assessment act, 2014 PA 92, MCL 211.1055.
(b) For eligible personal property acquired by the first owner in a year 6 to 10 years before the assessment year, multiply the acquisition cost of the eligible personal property by 50% of the mills levied under section 5(2)(b) of the state essential services assessment act, 2014 PA 92, MCL 211.1055.
(c) For eligible personal property acquired by the first owner in a year more than 10 years before the assessment year, multiply the acquisition cost of the eligible personal property by 50% of the mills levied under section 5(2)(c) of the state essential services assessment act, 2014 PA 92, MCL 211.1055.