Michigan Laws 12.286 – Tax exemption
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 12.286
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 12.272
- Director: means director of the department of licensing and regulatory affairs, or his or her designee. See Michigan Laws 12.272
- 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) The property of the authority and its income and operations under this act are exempt from taxation by this state and any political subdivision of this state.
(2) If the authority intends the interest on bonds it issues to be exempt from federal income tax, the authority shall prescribe restrictions on the use of the proceeds of those bonds and related matters as necessary to assure the exemption. The recipients of proceeds of those bonds are bound to the extent the restrictions are made to apply to them. The authority and the director may severally execute agreements as to bonds the authority issues, including without limitation intergovernmental agreements or other agreements providing for collecting and remitting funds.