Michigan Laws 38.2744 – Taxation of assets and income; exemption
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Terms Used In Michigan Laws 38.2744
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
All assets and income of the trusts shall be exempt from taxation by this state or any political subdivision of this state. Except as otherwise provided in section 4(2), distributions from the trusts shall not be treated as taxable income to the past members, their health reimbursement account dependents, or their funding account dependents by this state or any political subdivision of this state.