Michigan Laws 205.54dd – Sale of tangible personal property for use as or at mineral-producing property; exemption; limitation; “mineral-producing property” and “taxpayer” defined
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 205.54dd
- Department: means the department of treasury. See Michigan Laws 205.51
- Gross proceeds: means sales price. See Michigan Laws 205.51
- Person: means an individual, firm, partnership, joint venture, association, social club, fraternal organization, municipal or private corporation whether organized for profit or not, company, limited liability company, estate, trust, receiver, trustee, syndicate, the United States, this state, county, or any other group or combination acting as a unit, and includes the plural as well as the singular number, unless the intention to give a more limited meaning is disclosed by the context. See Michigan Laws 205.51
- Personal property: All property that is not real property.
- Tax: includes a tax, interest, or penalty levied under this act. See Michigan Laws 205.51
- Taxpayer: means a person subject to a tax under this act. See Michigan Laws 205.51
(1) Subject to subsection (2), a person subject to the tax under this act may exclude from the gross proceeds used for the computation of the tax the sale of tangible personal property to a taxpayer for use as or at mineral-producing property.
(2) The property under subsection (1) is exempt only to the extent that the property is used for the exempt purposes stated in this section. The exemption is limited to the percentage of exempt use to total use determined by a reasonable formula or method approved by the department.
(3) As used in this section, “mineral-producing property” and “taxpayer” mean those terms as defined in section 2 of the nonferrous metallic minerals extraction severance tax act.