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MI HB4643
Bill
Status
6/12/2018
Primary Sponsor
David Maturen
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AI Summary
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Adds exemption from real estate transfer tax for property transfers where the state equalized valuation does not exceed the valuation on the first tax day after issuance of certificate of occupancy (or date of acquisition, whichever is later), provided the transaction was at an arm's-length negotiated price.
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Allows sellers or buyers who paid the transfer tax to request refunds from the department if they believe property qualified for the exemption at time of transfer.
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Makes the exemption retroactive to sales occurring 4 years before the effective date (June 11, 2018), subject to applicable statute of limitations.
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Permits taxpayers whose prior refund claims were denied and not appealed to claim refunds under this new exemption provision.
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Effective immediately upon Governor approval on June 11, 2018.
Legislative Description
Taxation; state real estate transfer; exemptions of real estate transfer tax for certain principal residences that have lost value; expand to include certain certificate of occupancy dates. Amends sec. 6 of 1993 PA 330 (MCL 207.526).
Property tax: other
Last Action
Assigned Pa 172'18 With Immediate Effect
6/12/2018