Terms Used In Michigan Laws > Chapter 211 > Act 379 of 2006 - Qualified Forest Property Recapture Tax Act

• Benefit period: means the period in years between the date of the first exempt transfer and the conversion by a change in use, not to exceed the 10 years immediately preceding the year in which the qualified forest property is converted by a change in use. See Michigan Laws 211.1032
• Benefit received on that property: means the sum of the number of mills levied in the local tax collecting unit on the qualified forest property in each year of the benefit period, multiplied by the difference in each year of the benefit period between the true cash taxable value of the property and the property's taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
• Converted by a change in use: means that due to a change in use the property is no longer eligible for an exemption as qualified forest property under section 7jj of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
• 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.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Exempt transfer: means a conveyance of property that is not a transfer of ownership pursuant to section 27a(7)(o) of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forest products: means that term as defined in section 7jj of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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, partnership, corporation, limited liability company, association, governmental entity, or other legal entity. See Michigan Laws 211.1032
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified forest property: means that term as defined in section 7jj of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
• Recapture tax: means the qualified forest property recapture tax imposed under this act. See Michigan Laws 211.1032
• 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
• Statute: A law passed by a legislature.
• Treasurer: means the state treasurer. See Michigan Laws 211.1032
• True cash taxable value: means the taxable value the property would have had if section 27a(7)(o) of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032