Michigan Laws 207.853 – Transfer and assignment of certificate
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 207.853
- certificate: means the certificate issued under section 6. See Michigan Laws 207.842
- Qualified facility: means a qualified retail food establishment or a building or group of contiguous buildings of commercial property that is 15 years old or older or has been allocated for a new markets tax credit under section 45D of the internal revenue code, 26 USC 45D. See Michigan Laws 207.842
- Qualified local governmental unit: means a city, village, or township. See Michigan Laws 207.842
- Rehabilitation: means changes to a qualified facility that are required to restore or modify the property, together with all appurtenances, to an economically efficient condition. See Michigan Laws 207.842
A commercial rehabilitation exemption certificate may be transferred and assigned by the holder of the certificate to a new owner of the qualified facility if the qualified local governmental unit approves the transfer after application by the new owner.