Michigan Laws 211.1123 – Definitions
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Terms Used In Michigan Laws 211.1123
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of treasury. See Michigan Laws 211.1123
- Fund: means the qualified heavy equipment rental personal property exemption reimbursement fund created in section 9(1). See Michigan Laws 211.1123
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
As used in this act:
(a) “Department” means the department of treasury.
(b) “Eligible personal property” means personal property exempt under section 9p of the general property tax act, 1893 PA 206, MCL 211.9p, and qualified heavy equipment rental personal property acquired or brought into this state during the tax year by a qualified renter and rented from a qualified renter business location.
(c) “Fund” means the qualified heavy equipment rental personal property exemption reimbursement fund created in section 9(1).
(d) “Local tax collecting unit” means a township or city that assesses and collects property taxes pursuant to the general property tax act, 1893 PA 206, MCL 211.1 to 211.155.
(e) “Person” means an individual, corporation, limited liability company, partnership, association, or any other legal entity.
(f) “Qualified heavy equipment rental personal property”, “qualified renter”, “qualified renter business location”, and “rent” or “rental” mean those terms as defined in section 9p of the general property tax act, 1893 PA 206, MCL 211.9p.
(g) “Qualified heavy equipment rental personal property specific tax” and “tax” mean the specific tax levied under section 5.
(h) “Rental price” means the total amount of the consideration for renting qualified heavy equipment rental personal property, excluding any separately stated charges, fees, and costs, such as delivery and pickup fees, damage waivers, environmental mitigation fees, sales or use taxes, or insurance.
(i) “Reporting periods” means the quarterly periods ending on March 31, June 30, September 30, and December 31 for which a qualified renter must report and remit the tax collected under this act.