Michigan Laws 205.94aa – Storage, use, or consumption of tangible personal property for use as or at mineral-producing property; exemption; “mineral-producing property” and “taxpayer” defined
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 205.94aa
- Department: means the department of treasury. See Michigan Laws 205.92
- Personal property: All property that is not real property.
- Storage: means a keeping or retention of property in this state for any purpose after the property loses its interstate character. See Michigan Laws 205.92
- Tax: includes all taxes, interest, or penalties levied under this act. See Michigan Laws 205.92
- Use: means the exercise of a right or power over tangible personal property incident to the ownership of that property including transfer of the property in a transaction where possession is given. See Michigan Laws 205.92
(1) Subject to subsection (2), the tax under this act does not apply to the storage, use, or consumption of tangible personal property sold 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.