Terms Used In Michigan Laws > Chapter 211 > Act 35 of 2022 - Qualified Heavy Equipment Rental Personal Property Specific Tax Act

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Eligible personal property: means personal property exempt under section 9p of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1123
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Fund: means the qualified heavy equipment rental personal property exemption reimbursement fund created in section 9(1). See Michigan Laws 211.1123
• 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. See Michigan Laws 211.1123
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• 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.
• Person: means an individual, corporation, limited liability company, partnership, association, or any other legal entity. See Michigan Laws 211.1123
• 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. See Michigan Laws 211.1123
• 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. See Michigan Laws 211.1123
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.