MI HB6291

Amends the Qualified Forest Property Recapture Tax Act to change how the recapture tax is calculated when qualified forest property is converted to a different use.

Replaces calculation based on "total millage rate levied by all taxing units" with calculation based on "number of mills for which the property is exempt under section 1211 of the Revised School Code."

Distinguishes between two scenarios: properties with no harvests of forest products consistent with the approved forest management plan versus properties with one or more such harvests.

Both scenarios require multiplying the property's state equalized valuation by the exemption mills, then by 7 years or the actual years of exemption (whichever is less).

For properties without harvests, the calculated amount is multiplied by 2; for properties with harvests, an additional recapture tax benefit is included if the taxable value was not adjusted after an ownership transfer.