Michigan Laws 125.1424f – Recapture tax fund; creation; establishment; payment; use
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Terms Used In Michigan Laws 125.1424f
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Fund: means the housing development fund created by this act. See Michigan Laws 125.1411
- Internal revenue code: means the United States internal revenue code of 1986. See Michigan Laws 125.1411
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) There is created and established under the jurisdiction and control of the authority a fund to be known as the recapture tax fund.
(2) There may be paid into the recapture tax fund any money available to the authority from any source or sources, including, but not limited to, funds held by the authority. The authority is under no obligation to maintain a balance of money in the fund.
(3) The authority may use the money held in the fund to reimburse individual borrowers for any taxes the borrowers paid and for which they were liable under section 143(m) of the internal revenue code, or any similar recapture taxes applicable to programs the authority administers.